BRIEF // Snap confirmed its good performance achieved in previous quarters. The company cut its losses and exceeded its own targets, both in terms of revenue and daily active user gains.

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© Getty – Drew Angerer

Snap, the parent company of Snapchat, is continuing its momentum after a record-breaking end to 2020 and a strong first quarter of 2021. In the second quarter, the Evan Spiegel-led company saw its daily active user base grow 23 percent year-over-year to 293 million users, up 13 million from the start of the year.

In addition, Snap posted a 116% increase in revenue to $982 million, compared to expectations of $820 million to $840 million in revenue. The company also cut its losses by 53% to -$152 million in the period. As in previous quarters, Snap invested significantly in its advertising offering, which accounts for nearly all of its revenue.

In terms of guidance, Snap is looking at 58-60% year-over-year revenue growth for the third quarter, which would put it over $1 billion in revenue generated in three months.

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