Business

Snap Inc. reveals Second Quarter 2021 Results

snap q2 982m yoy daus yoy

Snap Inc. (NYSE: SNAP) released its financial results for the three months that ended on June 30, 2021.

According to CEO Evan Spiegel, “Our second quarter results reflect the overall strength of our company, as we expanded both revenue and daily active users at the best rates we have achieved in the prior four years.” “We are so happy by the numerous prospects to expand our community and business globally, and we are thrilled by the progress our team is achieving with the creation of our virtual reality platform.”

According to Snap, the firm was not as negatively impacted by Apple’s iOS 14.5 privacy changes as it had feared. The mobile operating system update was released later than anticipated, iOS users took longer to upgrade their devices than other users,” according to Jeremi Gorman, the chief business officer of Snap, in her prepared remarks.

However, it also implies that the impacts of these adjustments will take longer to take effect than we had originally anticipated, according to Gorman.         

From a loss of $326 million the previous year, Snap’s net loss decreased by 53% to $152 million this year.

In comparison to the 280 million users it claimed in April, Snap now has 293 million daily active users. Comparing that number to the 238 million daily visitors the firm recorded a year previously, it has increased by more than 23%.

According to the firm, Snap anticipates third-quarter revenue growth of 58 to 60 percent over the same period last year. This is less than the 116 percent annualized sales increase it had in the second quarter. According to the firm’s prepared statements, Snap anticipates 301 million DAUs in the third quarter.

Snap Chief Financial Officer Derek Andersen stated in his prepared remarks that “this range reflects our latest available assessment of the possible effect of expected interruptions linked with the iOS platform modifications.”

The business claimed that the uptick in Covid-19 instances creates an unstable operational environment going into Q3.    

Related posts
Business

Troubleshooting Zlibrary: Common Reasons Why Zlibrary Isn't Working

Business

China-based Tuya raised $915M in its IPO in the United States

Business

Toast Raises $870 Million on Its First Day of NYSE IPO

Business

Teddy Sagi's Kape acquires ExpressVPN for $936 Million

Sign up for our Newsletter and
stay informed