Snap: 2Q Earnings Snapshot
SANTA MONICA, Calif. (AP) _ Snap Inc. (SNAP) on Tuesday reported a loss of $255.2 million in its second quarter.
On a per-share basis, the Santa Monica, California-based company said it had a loss of 19 cents. Losses, adjusted for one-time gains and costs, were 6 cents per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for a loss of 10 cents per share.
The company behind Snapchat posted revenue of $388 million in the period, which also topped Street forecasts. Nine analysts surveyed by Zacks expected $358.5 million.
For the current quarter ending in October, Snap said it expects revenue in the range of $410 million to $435 million.
Snap shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.87, a climb of 11% in the last 12 months.