NEW YORK - Shares of Snapchat parent Snap surged more than 20 per cent after the social-media company reported quarterly revenue and user growth that topped estimates, lifted by advertisers' stepped-up spending and consumers' increased use of their phones for messaging and entertainment during the pandemic.
Features on Snapchat that originally seemed like they were just for fun - like animated overlays on photos and videos - are becoming increasingly serious tools for advertising and communication as the Covid-19 outbreak limits in-person interactions. Although Snap had previously warned that the pandemic would curb revenue from fall-season advertising opportunities, such as movie launches and back-to school sales, those slowdowns never happened.
In the third quarter, civil rights groups successfully encouraged hundreds of consumer brands to temporarily boycott advertising on Facebook, the largest social network, over its handling of offensive content and hate speech. The Trump administration also threatened a ban and mandated a sales process for the US operations of TikTok, the video app that's competing with Snapchat for time and attention among young people.
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