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Snapchat Shares Rise on Strong Results
Snap Inc. announced its second-quarter financial results, exceeding analyst expectations for both revenue and profits. Revenue increased by 19% year-over-year to $1.6 billion, while net losses narrowed to $164 million. The company also reported a rise in daily active users to 493 million and an 85% increase in revenue from other services. For the current quarter, forecasts project revenues between $1.7 billion and $1.74 billion, with adjusted earnings ranging from $300 million to $350 million. The CEO confirmed that the improvement in advertising business supported growth, supported by increased spending on artificial intelligence and machine learning technologies. The company also indicated additional investments in infrastructure development.
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