Snapchat: 293 million users and double turnover

Snap, which manages Snapchat, has published its financial results for the second quarter of 2021. They are above expectations across the board, which has pleased analysts and investors alike, to the point where the stock has climbed.

A turnover that has more than doubled for Snap

Revenue for the company behind Snapchat was $ 982.11 million, up 116% from the same period a year ago. Snap still recorded losses of $ 192.51 million. This is down from last year when it was $ 310.61 million in losses. The earnings per share resort to 10 cents, against a loss of 9 cents on a comparable basis. Still on the financial side, the average revenue per user was $ 3.35 this time, up from $ 1.91 a year ago.

By comparison, analysts expected revenue of $ 846 million, a loss of a dime per share, and average revenue per user of $ 2.92.

293 million users on Snapchat

For the rest, Snap says Snapchat now has 293 million users worldwide, up 23% in one year. Analysts were expecting 290.3 million users this time around.

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

Snap shares are up 13.07% post-trading on the stock market, to $ 71.20.