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Illustration: Annelise Capossela/Axios

Snapchat and Twitter on Thursday both reported record revenue growth for the second quarter of 2021 — an important indicator that as the ad market booms, social media companies are poised to reap the benefits of its growth.

Details: Snapchat reported its highest revenue and user growth numbers since 2018. Twitter's revenue grew 74% year-over-year for the quarter, its highest year-over-year growth period in seven years.

Details: Both companies attributed strong user growth to new products and features that they've added during the pandemic.

  • Snapchat CEO Evan Spiegel said more than 200 million users now engage with augmented reality on Snapchat everyday on average.
  • Twitter also said that daily active user growth was also driven by increased conversation around global events.

Be smart: Both firms noted that highly-anticipated changes to Apple's privacy policies that limit ad tracking haven't had a major impact on their ad revenue growth yet.

The big picture: High user growth also suggests that people will continue to rely on social media as the pandemic shifts daily habits. Streaming companies, on the other hand, face more risk of user growth slowdowns in the short-term as the pandemic regresses.

What's next: Facebook, Google, Amazon and Apple all report earnings next week.

Go deeper

This is what a profit margin squeeze looks like

Expand chart
Data: U.S. Bureau of Labor Statistics; Chart: Jared Whalen/Axios

Two inflation indexes out this week, taken together, show how companies’ margins are getting squeezed.

Why it matters: Corporate earnings growth, while still historically high, is receding from record second-quarter levels. Margins will be a huge focus during Q3 earnings calls this month.

Updated 52 mins ago - Politics & Policy

Facebook paying up to $14M to settle employment discrimination claims

Photo: T.J. Kirkpatrick/Bloomberg via Getty Images

Facebook has agreed to pay up to $14.25 million to settle allegations that it discriminated against American workers by reserving positions for temporary visa holders, the Justice Department announced on Tuesday.

Why it matters: The settlement represents the largest civil penalty and monetary award that the Civil Rights Division has recovered in the 35-year history of the Immigration and Nationality Act's anti-discrimination provision.

Updated 3 hours ago - World

Mapping repression in China's Xinjiang region

Data: © Mapbox, © OpenStreetMap; Map: Will Chase/Axios

A sweeping new report released today by an Australian research organization reveals new details about how the Chinese Communist Party — and specifically who within the party — is carrying out its campaign of repression in Xinjiang.

Why it matters: Uncovering the actual offices and individuals implementing the Chinese government's genocide and forced labor policies in Xinjiang can bring accountability and help international companies delink supply chains in compliance with U.S. and EU forced labor laws.

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