tech
Snap's stock jumps 8% on earnings beat and strong sales forecast
Snap beat analysts' estimates across the board in its second-quarter earnings report.
TL;DR
- Snap's second-quarter revenue was $1.6 billion, exceeding analyst expectations of $1.54 billion.
- Global daily active users increased to 493 million, surpassing the expected 487 million.
- The company's net loss narrowed to $164 million from $262.6 million in the prior year.
- Snap forecasts third-quarter revenue between $1.7 billion and $1.74 billion, higher than the $1.7 billion estimate.
- Revenue from 'other revenue' category, including Snapchat+, grew 85% year-over-year.
- The company is increasing its full-year infrastructure costs guidance by $50 million due to AI and machine learning investments.
- Snap's AR glasses, Specs, priced at $2,195, are expected to see mass-market adoption towards the end of the decade.
- CEO Evan Spiegel mentioned improved momentum with large advertisers and stronger international revenue growth.