As a seasoned gamer and tech enthusiast with a fondness for social media apps, I’ve been keeping a close eye on Snapchat’s performance over the years. The Q2 2024 earnings report, while showing growth in their user base, fell short of the revenue expectations. It’s a bit like when you’re playing an intense multiplayer game, and despite having a larger team, you still manage to lose due to poor strategy or execution.
In simpler terms, Snap Inc., known for creating the temporary photo-sharing app Snapchat, disclosed its quarterly financial results to the general public. The results showed an improvement in Earnings Per Share (EPS) but a mixed performance in overall earnings. Most investors responded negatively to this news, causing the company’s stock value to decrease.
As a dedicated Snapchat enthusiast, I eagerly awaited the Q2 2024 earnings report this afternoon, only to find that the company’s revenue fell slightly short of my expectations – they reported $1.24 billion instead of the anticipated $1.3 billion. However, their EPS (Earnings Per Share) of $0.02 perfectly matched the predicted amount.
“Evan Spiegel, our CEO, shared that our user base surpassed 850 million monthly active users in the second quarter and boasted over 11 million subscribers of Snapchat+. Our advertising platform has been expanding rapidly, with the number of active advertisers nearly doubling year-over-year. We’re excited to host our Snap Partner Summit on September 17th, where we plan to unveil exciting updates for our service.”
The value of Snap’s stock plummeted to a minimum of $9.90 during post-market transactions following the publication of the report, but it later showed a small signs of improvement. To keep up with the latest business updates from the tech sector, continue here on Shacknews.
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2024-08-02 02:27