Snap Inc. (NYSE: SNAP) reported second quarter financial results after markets closed Tuesday. The camera company said that it had a net loss of $0.14 per share on $262 million in revenue, which compares with consensus estimates calling for a net loss of $0.17 per share and $251.19 million in revenue. The same period from last year had a net loss of $0.16 per share and $181.67 million in revenue.
During the quarter, daily active users (DAU) increased 8% to 188 million, compared to 173 million in Q2 2017, and decreased 2% sequentially, compared to 191 million in Q1 2018.
At the same time, average revenue per user (ARPU) increased 34% to $1.40 in Q2 2018, compared to $1.05 in Q2 2017.
Looking ahead to the third quarter, the company expects to see revenues in the range of $265 million to $290 million and adjusted EBITDA Loss in the range of $185 million to $160 million. The consensus estimates are calling for a net loss of $0.15 per share and $290.8 million in revenue for the coming quarter.
Evan Spiegel, Snap CEO and Co-Founder, commented:
We are excited by the progress we have been making and are optimistic about the opportunities ahead as we continue to invest in innovation.
Shares of Snap closed Tuesday at $13.10, with a consensus analyst price target of $11.74 and a 52-week range of $10.50 to $21.22. Following the announcement, the stock is up nearly 8% at $14.12 in the after-hours trading session.
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
