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Monday, May 23, 2022

Snap Beats Earnings Expectations Again

Snap Inc. continued its recent trend of beating analyst expectations today, posting second quarter earnings that again topped revenue targets and trimmed losses.

The Santa Monica-based social media firm reported more than $388 million in revenue, up from $262 million in the same period a year earlier. Prior to its earnings release, the company said it expected revenue of roughly $360 million.

Snap added 13 million daily active users during the quarter and now reaches a total of 203 million users.

The company also continued to cut its losses, as it has over the last four consecutive quarters. Snap’s net loss totaled $255 million, down $53 million from the previous quarter. The company’s net loss in the same quarter a year earlier was $353 million.

“The growth in our community, engagement, and revenue is the result of several transitions we completed over the past 18 months,” Chief Executive Evan Spiegel wrote in a statement, alluding to the company’s focus on new revenue streams including gaming, third-party video content and a redesign of its Android mobile application.

“We look forward to building on our momentum and making significant ongoing progress in each of these areas,” Spiegel added.

For 2018, Snap posted annual revenue of $1.18 billion and reported a net loss of $1.25 billion.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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