Snap reported a narrower-than-expected second-quarter loss for the second quarter. The social media company’s revenue also exceeded estimates.
Snap’s net loss came in at -10 cents per share for the quarter, compared to the -18 cents per share anticipated by analysts polled by FactSet.
The company’s revenue rose +116% year-over-year to $982 million, vs. analysts’ expectation of $845.6 million. The number of daily active users rose +23% year over year to 293 million.
The company launched eight new "Snap Originals" shows and 177 new "Discover Channels."
For the third quarter, the company projects revenue growth of +58% to +60% year over year (a range of between $1.07 billion and $1.085 billion revenue). Analysts surveyed by FactSet predicted revenue of $1.014 billion.