Snap sees shares jump after beating Q3 expectations
Last week, Snap saw its share price jump from $28 to just shy of $34 per share (a nearly 20% increase) in after-hours trading, after beating analyst expectations on both revenue and earnings per share for Q3. The company delivered $679m in reported revenue, smashing Wall Street's expectations of $555m; which represents 52% year-over-year growth. User growth was up 4% to 249m daily active users from the 238m reported at the end of last quarter, marking an 18% year-over-year increase.
Instagram lets brands create ads with Product Tags from scratch
Businesses can now create Instagram ads with Product Tags on photo, video and carousel ads from scratch in the platform's Ads Manager, which Instagram first began testing back in September 2019. In addition to the new ad format, Instagram has also introduced new shopping engagement custom audiences and shopping lookalike audiences, enabling brands to reach potential shoppers with similar interests to their existing customers or those who have already shown interest in their products.
Instagram supports National Bullying Prevention Month
Instagram has introduced a new guide to anti-bullying resources and an augmented reality filter designed to promote positivity, as part of an ongoing campaign in support of National Bullying Prevention Month. The activation was supported by a livestream, hosted on the main Instagram account, where Head of Instagram Adam Mosseri led a panel to discuss the platform’s anti-bullying tools and more.
Facebook’s content Oversight Board is now open for business
Nearly two years after the idea was first put forward by CEO Mark Zuckerberg, Facebook's independent Oversight Board is ready to start taking cases. From now on, whenever a user's content is removed they will be able to appeal their case to the Oversight Board, which will make an independent and binding decision on matters they choose to review. Board decisions will be issued and implemented within 90 days of Facebook’s final decision on a case.
Facebook Dating launches in Europe
Long after the anticipated Valentine's Day release date, Facebook has finally launched Facebook Dating – its Tinder competitor – to users across Europe. Facebook Dating is now offered in over 50 countries, including France, Germany, Ireland, Italy, Portugal, Sweden, Norway, Spain and the United Kingdom.
Facebook adds two new options to the News Feed
Facebook has confirmed two new options for people to browse content in their News Feed, Most Recent and Favourites, which are being rolled out globally on Android and iOS. Most Recent will provide the same content users would normally see in their News Feed, but in reverse chronological order, bringing them the newest post first; while Favourites will enable people to designate up to 30 friends and pages that will appear higher in News Feed and be highlighted with a badge.
Based on feedback from our community, we’re providing easier entry points for News Feed alternatives, such as Most Recent and Favorites, giving people more ways to browse their content. https://t.co/gZtDt51dXa
— Alexandru Voica 💀 (@alexvoica) October 21, 2020
WhatsApp pledges to boost investments in business features
WhatsApp has said it will be focusing future investment on three key areas for businesses on its platform: shopping, Facebook hosting services and business sales. It has also pledged to make it easier for businesses to integrate new features from WhatsApp into their existing e-commerce and customer solutions systems. The announcement comes as WhatsApp says over 175m people now message WhatsApp Business accounts every day.
TikTok updates notifications for when content is removed
TikTok has rolled out a new notification system for cases where content violates its policies. Under the new system, which has now rolled out globally, creators will see exactly which policy a video has violated when it's removed and be able to appeal the decision. In cases where content is flagged for being related to self-harm or suicide, a second notification will also pop up, directing the creator of that content to expert resources.
Twitter changes retweet function ahead of US election
Ahead of the US presidential election on November 3rd, Twitter has altered how users retweet and share content on the platform, in a move to prevent abuse and slow the spread of misinformation. From now until the election is over, when users attempt to retweet content, Twitter will pull up the Quote Tweet composer, prompting them to write something about the tweet before they share it.
Melbourne celebrates 'top shelf' effort as lockdown restrictions ease
Google searches for 'beers' and 'pubs' skyrocketed yesterday as Victorian Premier Daniel Andrews announced that COVID-19 lockdown restrictions would ease in Melbourne. Per Gizmodo, this rapid upswing in search trends peaked during Andrews' customary daily press conference and is no doubt related to the Premier's “get on the beers” mantra, which has subsequently been made into a remix by the terrifically named DJ duo, Mashd n Kutcher, who released a hard house remix of Andrews' address. God knows they've earned it - a beer, that is.
Ones to watch
Facebook has confirmed that it is testing a new feature, called Neighbourhoods, that encourages users to post and share news in miniature social networks focused on small geographical areas.
This edition of the Wednesday Wrap-Up features additional reporting by Ryan Dubras.