Snap losses widen in Q2 as revenues more than double

Friday 11 August 2017 | 08:40 CET | News

Snap saw its net loss widen to USD 443 million in the second quarter from USD 116 million a year earlier. Revenues still more than doubled year-on-year to USD 182 million from USD 78 million. The adjusted EBITDA loss was USD 194 million versus a loss of USD 105 million a year ago. 

The maker of the Snapchat app said it had 173 million daily users in Q2, up 30.5 percent year-on-year and 4 percent more than in Q1. Average revenue per user double year-on-year to USD 1.05 from USD 0.50 and was up 16 percent from USD 0.90 in Q1. 

Snap's free cash flow was a negative USD 229 million in the quarter. The company ended June with cash of USD 2.8 billion, down from USD 3.2 billion in March. 

The company's shares fell over 16 percent in after-hours trading due to the disappointing numbers. Since listing on the stock market in March at USD 17 per share, Snap's stock price is down to under USD 12. 

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