Social media giant Snap Inc. narrowed its losses in the second quarter as its daily user count and revenue posted significant growth, the company announced in a statement.
- Net loss improved 53% to $151.664 million from $325.951 million last year. Revenue climbed 116% to $982.108 million from $454.158 million, and diluted earnings per share grew 220% to $0.10 versus the diluted net loss of $0.09 in 2020.
- Daily active users climbed 23%, or 55 million, to 293 million during the quarter, with growth recorded in all its markets and on both iOS and Android platforms.
- Chief Executive Officer Evan Spiegel touted the developments in the firm’s augmented reality platform, driving optimism for more opportunities for growth in its business across the globe.
- The company rolled out its partnerships with Disney, Viber, Bumble, YouTube, and Unity, during the period. It also launched a slew of new features and content offerings during the period.
Year-to-date revenues climbed 91% to $1.751 billion, net loss narrowed 31% to $438.546 million, and earnings per share up 158% to $0.10 versus -$0.17.
SNAP is up 16.88% premarket.