Snap Inc (SNAP) Q1 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.
This Week in Apps: Twitter targets creators, Clubhouse security, Spotify’s plans for paid podcasts
Welcome back to This Week in Apps, the weekly TechCrunch series that recaps the latest in mobile OS news, mobile applications and the overall app economy.
The app industry is as hot as ever, with a record 218 billion downloads and $143 billion in global consumer spend in 2020. A
new forecast this week expects consumer spend to grow to $270 billion by 2025.
Consumers last year also spent 3.5 trillion minutes using apps on Android devices alone. And in the U.S., app usage surged ahead of the time spent watching live TV. Currently, the average American watches 3.7 hours of live TV per day, but now spends four hours per day on their mobile devices.
Snap Projects 50% Annual Revenue Growth for Next Several Years, Stock Hits All-Time High
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UPDATED: At its first investor day conference, Snap outlined a bullish future for the Snapchat app with senior execs saying they expect the company to generate 50% revenue growth over the next several years.
On the upbeat forecast, Snap shares popped 11% for the day Tuesday, with the stock closing at an all-time high of $70.45 per share. The turnaround came after shares dropped nearly 10% earlier in the day. The surge pushed Snap’s market cap over $100 billion, to stand at about $106 billion.
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Operator
Good afternoon everyone and welcome to Snap, Inc s Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] This call will be recorded. Thank you very much.
Betsy Frank, Senior Director of Investor Relations, you may begin.
Betsy Miller Frank
Head of Investor Relations
Thank you and good afternoon everyone, welcome to Snap s fourth quarter 2020 earnings conference call. With us today are Evan Spiegel, Chief Executive Officer and Co Co-Founder; Jeremi Gorman, Chief Business Officer; and Derek Andersen, Chief Financial Officer.
Earlier today, we made a slide presentation available that provides an overview of our user and financial metrics for the fourth quarter 2020, which can be found on our Investor Relations website at investor.snap.com.
reality, the era of low interest rates is over. u.s. stocks tanked, then roar the back for a big gain. happening now, anxiety is returning. asian markets fell, dow futures down 200 points now. europe is higher. we ll see if that holds. yesterday was remarkable. the dow swinging in a range of 1,200 points, changing direction 29 times. then up 567 points, 2.3% for the close. big swings and closes higher for the dow, the s&p 500, and the nasdaq. snapchat s stock is soaring 20% after ending its earnings losing streak, finally posting sales in user growth for the first time since going public. sales grew 72% from a year ago. snap ads moving to an automated auction helping prove to advertisers that the snapchat app is a strong alternative to google and facebook.