Snap adds record 13 mln users in Q2

News Wireless Global 24 JUL 2019
Snap adds record 13 mln users in Q2

Snap, the company behind the popular app Snapchat, reported better-than-expected results for the second quarter, with record growth in user numbers. It added 13 million new users in the quarter for a total of 203 million at the end of June. 

The US remains its most important market, with 83 million active users. In Europe, Snapchat counts 64 million users. 

Snap posted revenues of USD 388 million for the quarter, up by a fifth from the first quarter. The company remained in the red, with a loss of USD 255 million, compared to USD 310 million in Q1. Snap blamed the loss on investments to support the user growth and attract advertisers. 

For the third quarter, Snap forecast revenues of USD 410-435 million. The outlook was well-received by the market, with the share price up 10 percent in after-hours trade. 

Categories:

Mobile

Companies:

Snap,  Snapchat

Regions:

Global

Tags:

Messaging, IT - applications, Corporate, Finance

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