The coronavirus pandemic fueled strong second quarter revenue for Snapchat owner Snap
but didn't lift the company's user base as much as it did the previous quarter.
The company on Tuesday reported second quarter revenue of $454 million, up 17 percent compared with the same period last year, a sign that advertising on the platform was strong in spite of the shutdown's earlier disruption of the marketing industry. The company recorded a net loss of 23 cents per share.
Snapchat's base of daily active users grew 17 percent year-over-year to 238 million. It represented sequential quarterly growth of 9 million and a slightly slower growth rate than the previous period. Snap's stock, which closed the day down around 2 percent, was trading down as much as 9 percent immediately following its earnings release on the softer-than-expected subscriber growth.
"We continued to grow our community and business in a challenging and uncertain environment," CEO Evan Spiegel said in a statement. "I am proud of our team for innovating on new experiences for our community and driving value for our partners, demonstrating the importance of our service in people's lives. We are grateful that the resilience of our business has allowed us to remain focused on our future growth and opportunity.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Snapchat Users Climb 17% in Q2, Snap Stock Falls as Investors Hoped for Bigger LiftSnapchat boosted its daily active user rolls with a hefty gain of 9 million in the second quarter of 2020, as the company grew revenue 17% year over year to beat analyst expectations. But investors…
Read more »
Here come Snap Q2 earnings... - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
'90 Day Fiancé': Jihoon's Mom Tells Him to 'Snap Out of It'Jihoon had a painful heart-to-heart with his mother over how he handled his wife's move to Korea on 90DayFiancé.
Read more »
Harry Redknapp feasts on broccoli-fuelled BBQ with wife Sandra in rare snapHarry Redknapp and his wife Sandra tucked into a bizarre broccoli-fuelled BBQ at their home in Sandbanks in a rare Instagram snap just weeks after celebrating their 52nd wedding anniversary
Read more »
Kim Kardashian stuns in underwear snap as she remains silent on Kanye's outburstKim Kardashian posed in her SKIMS underwear for another promotion as she kept quiet about husband Kanye's controversial comments about abortion
Read more »
Amanda Holden shares stunning snap with look-alike teenage daughter LexiAmanda Holden has shown that her daughter is cast from the same mould with a photo that revealed how closely matched in style and looks they are
Read more »