Thursday, July 18, 2024

Snap Smashes Q2 Expectations, Stock Takes Off

Snap, the company behind Snapchat, reported its Q2 results, smashing expectations for revenue and subscriber growth.

Snap turned in one of its best quarters, growing more in Q2 that it has in four years. The company’s revenue came in at $982 million, 116% higher than the prior year.

Even more impressive, the platform’s daily active users came in at 293 million, an increase of 23% year-over-year.

“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” said Evan Spiegel, CEO. “We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world.”

One potential concern for the company had been Apple’s App Tracking Transparency (ATT), allowing users to choose whether companies can track them or not. Many companies that rely on advertising are seeing low opt-in rates, having a significant impact on their bottom line.

Chief Business Officer Jeremi Gorman said Snap, in contrast, had “higher opt-in rates than we are seeing reported generally across the industry.”

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