Published , by Donovan Erskine
Published , by Donovan Erskine
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.