Todd Spangler NY Digital EditorSnap reported second-quarter results that came in under analysts’ already reduced expectations — and the company didn’t provide Q3 guidance — sending the stock down more than 25% in after-hours trading.The social messaging and content app company also intends to “substantially slow our rate of hiring, as well as the rate of operating expense growth,” it said in its first quarterly letter to investors.
We will reprioritize our investments and drive a renewed focus on productivity.”The company reported revenue of $1.11 billion, up 13%, and a net loss of $422 million (an adjusted net loss of 2 cents per share).
Wall Street analysts on average expected Snap Q2 revenue to come in at $1.14 billion with a net loss of 1 cent per share, according to Refinitiv.
The company had 347 million average Snapchat daily active users in the period — up 15 million sequentially and an 18% increase from the year-earlier period — topping its previous forecast.
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