Shares of Snapchat parent company Snap fell sharply after the market downgraded its second-quarter earnings, which fell short of Wall Street expectations.
Snap shares fall on weak sales outlook despite better profits
Revenue of $1.24 billion was up 16% from the year-ago quarter but below expectations. Losses narrowed to $249 million from $377 million.
The number of daily active users is 432 million, an increase of 9%.
“Our community grew to over 850 million monthly active users in Q2, with over 11 million Snapchat+ subscribers,” said CEO Evan Spiegel. “We continued to scale our ad platform with active advertisers more than doubling year-over-year. We’re excited to host our upcoming Snap Partner Summit on September 17, where we’ll announce new updates to our service.”
