Snapchat records healthy spike in users

Snapchat’s daily active users have increased 8% year-on-year to 203 million, according to the company’s own figures.

The growth, announced during Tuesday’s Q2 financial results, was attributed to new augmented reality tools, expansion into new markets and a redesign of Snapchat’s Android app.

Correspondingly, revenues increased 48% year-on-year to $388 million, sending the share price of parent company Snap soaring 9% to $16.29 in after hours trading.

“The growth in our community, engagement, and revenue is the result of several transitions we completed over the past 18 months,” said Evan Spiegel, CEO.

“We look forward to building on our momentum and making significant ongoing progress in each of these areas.”

Tuesday’s results are a quick turnaround on last year’s poorer performance and massively exceeded analysts expectations.

Snap said it now expects daily active users to reach between 205 million and 207 million in the third quarter.