The American camera and social media company impressed markets with its Q2 2021 earnings, beating expectations across the board
Snap posted an adjusted EPS of 10 cents, topping the 1 cent loss forecasted by Refinitiv. Revenue-wise, it has single-handedly beaten the $846 million expected, with figures coming in at $982 million. Moreover, Snap net losses narrowed 53% to $152 million compared to the same time last year.
The number of daily active users went up 5% to 293 million. The number is more than 23% higher than the 238 million daily users reported a year prior.
For Q3, Snap expects year-over-year revenue growth of 58% - 60%, and its daily active users to reach approx. 301 million. Derek Andresen, Snap CFO, stated: “This range reflects our best current estimate of the potential impact of anticipated disruptions associated with the iOS platform changes.”
Wall Street acknowledged Snap’s latest strong quarterly figures, its shares closing 23% higher on Friday.
Sources: cnbc.com, thestreet.com