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Snap Q2 2024 earnings results miss revenue expectations on in line EPS

The company behind Snapchat saw its stock plummet following the release of its earnings report.

Donovan Erskine

August 1, 2024 4:12 PM

CNN

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Snap, the company behind the ephemeral picture-based social media app Snapchat, has shared its quarterly earnings with the public. It was a beat on EPS and a mix on earnings, and the stock reacted mostly negatively.

Snap’s Q2 2024 earnings report was published late this afternoon and showed that the company made $1.24 billion in revenue, which is less than the expected $1.3 billion. Snap’s $0.02/share EPS was right in line with expectations of the same amount.

“Our community grew to reach more than 850 million monthly active users in Q2, with more than 11 million Snapchat+ subscribers,” said Evan Spiegel, CEO. “We continued to scale our advertising platform with active advertisers more than doubling year-over-year. We are looking forward to hosting our upcoming Snap Partner Summit on September 17th, where we will announce new updates to our service.”

Snap stock dropped as low as $9.90 in after-hours trading after the report was released, before making a slight recovery. For more business news out of the tech industry, stay right here on Shacknews.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_