Snap Inc. is an American camera and social media company records financial results for the quarter ended March 31, 2021. Compared to 2020, the company’s revenue increased 66 percent to $770 million in Q1 2021. Net loss and Adjusted EBITDA were $287 million and $2 million in Q1 2021, respectively, compared to $306 million and $81 million in the prior year, respectively.
Operating cash flow improved by $131 million to $137 million in Q1 2021, compared to the prior year. Free Cash Flow improved by $131 million year-over-year to reach $126 million in Q1 2021, marking our first quarter of positive Free Cash Flow as a public company.
Commenting about the financial report, Snap CEO Evan Spiegel, said, “We began 2021 by achieving our highest year-over-year revenue and daily active user growth rates in over three years during the quarter, and delivering positive Free Cash Flow for the first time in Snap’s history as a public company. The strength of our business underscores our relentless focus on product innovation and is a testament to our team’s ability to execute well together over the long term.”
As per the statement released by the company, it stated that, “Daily active users (DAUs) were 280 million in Q1 2021, an increase of 51 million, or 22 percent, year-over-year. DAUs increased sequentially and year-over-year in each of North America, Europe, and the Rest of World. For the first time, the majority of DAUs for the quarter were on the Android version of the application.”
In March, over 125 million Snapchatters used Spotlight, which is billed as a rival to TikTok. During the quarter, Spotlight was launched in three new countries: India, Mexico, and Brazil, making it live in a total of 14 countries. Snap launched a record 321 new channels in Q1 2021 with over 150 partners from 12 countries. It also launched its first local market Snap Original, “Phone Swap”, in India. The number of Snapchatters engaging daily with our augmented reality Lenses grew more than 40 percent year-over-year in Q1 2021.