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Evan Spiegel, co-founder and chief executive officer of Snap Inc., stands on the floor of the New York Stock Exchange during the company’s initial public offering on Thursday, March 2, 2017.
Michael Nagle | Bloomberg | Getty Images
Snap‘s stock price initially plunged more than 11% after hours then moderated to a smaller decline as investors digested positive user and revenue growth on Tuesday after the company reported its second-quarter earnings.
Here’s what they reported:
- Loss per share: 9 cents vs. 9 cents per Refinitiv
- Revenue: $454 million vs. $439.1 million per Refinitiv
- Global daily active users (DAUs): 238 million vs. 238.48 million per FactSet
- ARPU: $1.91 vs. $1.87 per FactSet
The company’s net loss grew to $326 million, up nearly 28% from $255 million last year.
After seeing an increase in usage following shelter in place orders in March, Snap CEO Evan Spiegel said that boon has gone away.
“At the onset of widespread shelter in place orders, as people sought to stay connected and entertained from home, we observed an increase in daily active users that informed our initial estimate,” Spiegel said in his prepared remarks. “This initial lift dissipated faster than we anticipated as shelter in place conditions persisted.”
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