But the company increased revenues by 17 percent compared to the same quarter last year.
Published:,
Snap Inc. released Tuesday night quarterly figures for the second quarter. The company lost $ 326 million in the second quarter. In comparison, the company lost $ 255 million in the same period last year.
Just after the quarterly figures have been released, the share falls 10 percent in after-sales.
Revenue in the second quarter increased 17 percent to $ 454 million, compared to the same quarter last year. That is well above the estimates that were previously $ 440.5 million.
However, it is part of the sales revenue in the first quarter of this year, which was 462 million dollars. It is seen in connection with the loss of advertising revenue, as a result of the coronavirus.
As revenues increase, costs also increase from $ 692,839 in the second quarter last year to $ 764,766 in the same quarter this year.
The corona drawings worldwide have led to more users and higher frequency of use of various online services, such as Snapchat. Snapchat reports 238 million daily users, an increase of 17 percent compared to the same quarter last year. In the first quarter of this year, the popular app had 229 million daily users.
– We continue to grow in challenging and uncertain times, says CEO Evan Spiegel.
–
