Snap Shares Plunge As Q2 Earnings, Outlook Disappoint
deadline.comShares of Snapchat parent Snap fell sharply after market as earnings for the June quarter fell short of Wall Street estimates.
Revenue of $1.24 billion was up 16% from the year earlier quarter, but below expectations. Losses narrowed to $249 million from $377 million.
Daily active users of 432 million were up 9%. “Our community grew to reach more than 850 million monthly active users in Q2, with more than 11 million Snapchat+ subscribers,” said CEO Evan Spiegel. “We continued to scale our advertising platform with active advertisers more than doubling year-over-year.
We are looking forward to hosting our upcoming Snap Partner Summit on September 17th, where we will announce new updates to our service.” Snap is mostly ad driven and advertising revenue rose 10%.
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