The Snapchat owner missed expectations in the second quarter and the stock fell more than 25 percent in after-market trading.
Updated just now
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After closing on Wall Street, the social media delivered its quarterly figures. The recent figures show that the turnover for Snap in the second quarter of the year ended at 1.1 billion dollars. At the same time, the result after tax was minus 422 million dollars.
The Snap share has had a negative development in 2022 and it has lost almost two-thirds of its value so far this year.
– While growth on our platform continues to increase the long-term opportunities for the business, our financial results for the second quarter do not reflect our ambitions, says CEO Evan Spiegel in the company’s quarterly report.
The daily number of active users increased to 347 million, which is an increase of 18 percent from the same period last year. That beat expectations of 344.2 million users according to StreetAccount.
In advance, it was expected that the turnover would land at 1.14 billion dollars, according to estimates from Bloomberg. At the same time, the result after tax was expected to be minus 332.7 million dollars, according to the news agency.
The Snap share fell sharply after the release of the figures, and is at the time of writing down 25.8 per cent in after-market trading on Wall Street.
Snap does not provide future guidance in the report, and refers to “uncertainty” in the market.
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