Snap Inc. (NYSE: SNAP) released second quarter financial results after markets closed Tuesday. The company said that it had a net loss of $0.10 per share and $320 million in revenue, compared with consensus estimates that called for a net loss of $0.12 per share and $306.48 million in revenue. The same period from last year had a net loss of $0.17 per share and $230.67 million in revenue.
During the quarter, daily active users (DAU) increased to 190 million compared to 186 million in the previous quarter, and 191 million in the first quarter last year.
At the same time, average revenue per user (ARPU) increased by 39% to $1.68, compared to $1.21 in the same period last year.
Looking ahead to the second quarter, the company expects to see revenues in the range of $335 million to $360 million and an adjusted EBITDA Loss in the range of $150 million to $125 million. The consensus estimates are calling for a net loss of $0.09 per share and $348.04 million in revenue for the coming quarter.
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Evan Spiegel, Snap CEO and Co-Founder, commented:
In the first quarter we delivered strong results across our business with growth in daily active users and revenue. Our new Android application is available to everyone, with promising early results. This month we announced several new products that we believe will drive further engagement and monetization. As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth.
Shares of Snap closed Tuesday up 4% at $12.00, with a 52-week range of $4.82 to $15.96. The stock has a consensus analyst price target of $9.81. Following the announcement, the stock was up about 9% at $13.10, in the after-hours trading session.
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