Evan Spiegel reports strong second-quarter revenue and earnings for Snap, exceeding analyst expectations.
Evan Spiegel, CEO of Snap, reported that the company achieved better-than-expected revenue and earnings for the second quarter. Snap's revenue rose 19% year-on-year to $1.60 billion, surpassing analyst estimates of $1.54 billion. The company's net loss narrowed to $164 million, while adjusted earnings reached $250 million, significantly beating the $192 million projected by StreetAccount. Spiegel noted that the company is seeing improving momentum in its advertising business, particularly in North America and internationally. While global daily active users increased by 5%, North American users declined slightly. Snap also highlighted growth in its Snapchat+ subscription service, which saw an 85% year-on-year increase. Looking ahead, the company issued a forecast for the third quarter that topped analyst estimates for sales, though the midpoint of its projected adjusted earnings trailed slightly behind StreetAccount's projections. The company also revealed its first public augmented reality glasses, dubbed Specs, which are expected to ship later this year.