Snap is adding new users and growing its ad business during the pandemic

Jeremi Gorman, Snap’s Chief Business Officer, also suggested that Snap may have benefitted from the Facebook advertiser boycott, which resulted in hundreds of companies pausing their spending on the social network.

“As brands and other organizations used this period of uncertainty as an opportunity to evaluate their advertising spend, we saw many brands look to align their marketing efforts with platforms who share their corporate values,” Gorman said. “This gave us an opportunity to engage with advertisers and agencies in real time to ensure that our existing partners as well as new prospects understood our offering in relation to our values.”

The company had previously reported a surge in users at the start of the coronavirus pandemic, but in July said that initial bump had “dissipated faster than we anticipated.” On Tuesday, Snap’s CFO Derek Andersen said that the lifting of lockdowns in Europe helped Snapchat grow in the region, where it added a million new users.