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Snap Inc. far surpbaded Wall Street's expectations for its second quarter of 2019, pushing up nearly 12% after trading hours.
On Tuesday, parent company Snapchat announced its financial results for the second quarter of 2019, which included lower than expected losses, as well as higher daily revenues and users than expected.
Evan Spiegel, CEO, said: "Today, more than 75% of the population aged 13 to 34 in the United States is active on Snapchat, which makes more than just services like Facebook and Instagram among this audience, and thus demonstrating the overall attractiveness of our service. "
Here are the key figures, as well as the consensus estimates, via Bloomberg:
- Revenue: $ 388 million, up 48% from the previous year (vs. approximately $ 360.48 million)
- Daily active users: 203 million, up 8% from 191.7 million estimated
- Earnings per share: loss of $ 0.06 (compared to a loss of $ 0.10 expected)
The stock of the Santa Monica-based technology firm has been rising steadily for seven months, after hitting unprecedented lows in the face of fierce competition from its competitor Facebook, Instagram. Snap's revenues have increased, and the long-awaited overhaul by Android is contributing to the growth in the number of users (users are sending 7% more snapshots than on the old app, the company says).
Data released by Snap to support its quarterly results indicate that much of the growth in new users comes from outside North America and Europe. In total, it added 13 million SAD, its highest level since the second quarter of 2016.
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