Snap reduced its losses and grew revenues in the second quarter but showed a drop in users of its app Snapchat. Daily active users totaled 188 million in Q2, up 8 percent from a year earlier but 2 percent less than in Q1 this year. Average revenue per user increased 34 percent year-on-year to USD 1.40, and total revenues rose 44 percent to USD 262 million.
The adjusted EBITDA loss reduced to USD 169 million from USD 194 million a year ago, and the net loss was also 20 percent less, at USD 353 million. Snap said it reduced cash used in operating activities to USD 199 million in Q2, from USD 210 million a year ago.
For the third quarter, Snap forecast revenue of USD 265-290 million, up a slower 27-39 percent from a year earlier. The adjusted EBITDA loss is expected to be between USD 160 and 185 million, compared to a loss of USD 179 million in Q3 2017.
Separately, the Saudi Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud announced that he acquired a 2.3 percent stake in Snap for SAR 950 million (USD 250 million), paying an average USD 11 per share. He has invested in several technology companies, including Twitter, JD.com and Lyft.
