Revenue fell to $1.07 billion, compared with $1.11 billion in the prior-year quarter.Īnalysts polled by FactSet expected Snap to report a per-share loss of 25 cents a share, on revenue of $1.05 billion.ĭaily active users rose 14% year over year to 397 million.Įvan Spiegel, Snap’s chief executive, said during Tuesday’s call that despite the competition from larger social platforms, it still had some advantages - namely, communication with friends and family. “That said, we continue to believe it will take multiple quarters of improved execution for many investors to get more comfortable with the story longer-term,” the analysts said.įor the second quarter, Snap reported a net loss of $377 million, or 24 cents a share, compared with $422 million, or 26 cents a share, in the same quarter last year. JPMorgan analysts, in a note earlier this month, said they continued to monitor Snap’s “heightened infrastructure costs.” But they said that the digital ad market had “stabilized” in the second quarter and that advertisers weren’t feeling as cautious, despite worries over the state of the economy.
And they said time spent watching Spotlight - a part of the site that helps users explore and discover content - more than tripled year over year. had started to fall more slowly, with viewership trending better than they had forecast. Management, during Snap’s earnings call on Tuesday, said it would likely make “a further step up in investment here in Q3” to accelerate the progress being made on those efforts.Įxecutives said during the earnings call that engagement with Snapchat friend stories in the U.S. It has also been spending to boost user engagement. Snap has invested heavily strengthening its advertising platform, to serve users with more relevant ads and bring more impact to the businesses trying to advertise.
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