Snap doubles EBITDA in Q1 as sales grow 12%
Snap reported slightly stronger revenue growth in the first quarter, with sales up 12 percent year-on-year to USD 1.53 billion as it returned to growth in daily Snapchat users. Adjusted EBITDA improved strongly, to USD 233 million from USD 108 million a year ago, but the bottom line remained in the red, with a net loss of USD 89 million. Higher costs were driven by investment in its new AR glasses, with an update on its progress planned for June. Nevertheless, free cash flow more than doubled, to USD 286 mi