Snap’s stock snapped Thursday after the company disclosed slackening digital advertising and hinted at cost cutting while declining to provide a financial forecast. $SNAP reported a second-quarter net loss of $422.1 million.
Snap Inc.’s stock snapped Thursday after the company disclosed slackening digital advertising and hinted at cost cutting while declining to provide a financial forecast.
Snap reported a second-quarter net loss of $422.1 million, or 26 cents a share, compared with a loss of $151.7 million, or 10 cents a share a year ago. Snap’s adjusted net loss was 2 cents a share, besting Street predictions of a loss of 21 cents a share, according to analysts polled by FactSet. Snap’s sales, which increased 13% to $1.11 billion, fell short of Street estimates of $1.14 billion. Daily active users rose 18% to 347 million. FactSet analysts had modeled 344.1 million.
“We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth,” Snap Chief Executive Evan Spiegel said in a statement announcing the results.
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