Snap reports third-quarter revenue up 52%

Snap Inc. announced third quarter 2020 revenue increased 52% to $679 million, driven by daily active users rising 18% to 249 million. Operating cash flow improved by $21 million to $(55) million in Q3 2020, compared to the prior year, the company said. The net loss declined to $200 million in the quarter, compared to 227 million last year.

“Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time. We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future,” said Evan Spiegel, CEO. “The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us.”