Snap‘s stock price initially plunged more than 11% after hours then moderated to a smaller decline as investors digested positive user and revenue growth on Tuesday after the company reported its second-quarter earnings.
Here’s what they reported:
- Loss per share: 9 cents vs. 9 cents per Refinitiv
- Revenue: $454 million vs. $439.1 million per Refinitiv
- Global daily active users (DAUs): 238 million vs. 238.48 million per FactSet
- ARPU: $1.91 vs. $1.87 per FactSet
The company’s net loss grew to $326 million, up nearly 28% from $255 million last year.
Snap blamed the higher losses on long-term investments to “to build on the momentum we have established with our community, and our advertising…