5 November 2024, Tue |
6:38 PM
Social media pioneers have shown splendid second-quarter results. After people were stuck inside their homes looking for an escape during the epidemic, social media apps saw a dramatic increase in usage in 2020. How does the story go in 2021?
Twitter, Facebook, Snapchat, and Pinterest, all social media pioneers, just announced good second-quarter results, which concluded on June 30. Pinterest was an outlier, with shares falling more than 20% in the two weeks following the Q2 earnings presentation.
Snapchat’s parent company, Snap, saw its stock jump more than 20% on July 23 after the firm reported record Q2 earnings. Snap’s revenue increased by 116 percent to $982 million in the second quarter, while the number of daily active users (DAUs) increased by 22 percent year over year.
The positive momentum in Snap stock continues, with the stock hitting a new all-time high of $80.85 on August 10. Snap’s stock has risen by around 29% since the start of the year 2021.
On July 22, Twitter announced its Q2 earnings results, reporting revenue of $1.19 billion, up 74 percent year over year.
Following the release of Q2 earnings, Twitter’s stock rose 8% to more than $73, but fell short of the prior all-time highs of $80.75.
On July 28, Facebook announced a revenue gain of 56 percent over the same quarter last year, to $29.077 billion.
Following the results announcement, Facebook shares fell about 5% from its all-time highs, trading nearly 5% down in the first half of August.
Pinterest, a photo-sharing network, announced better-than-expected earnings and sales for the second quarter on July 29. After the earnings were announced, the stock plummeted as investors reacted unfavourably to lower-than-expected monthly active user counts.
Pinterest’s stock is still under pressure after falling more than 25% in July. The stock dropped another 2% on Tuesday.
