Snap Beats Expectations on User Growth, Revenue; Shares Rise
- Snap sees users agreeing to iPhone tracking more than peers
- Snap CFO says pandemic poses “uncertain operating environment”
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Snap Inc. reported gains in revenue and users that exceeded analysts’ estimates, as the company’s investments in content and creative tools lured young people and the advertisers trying to reach them. Shares gained.
Second quarter sales more than doubled to $982.1 million, the company said Thursday. That dwarfed the $846.9 million average analysts’ estimate. Snapchat, the mobile app for sending disappearing messages and watching video content, had 293 million daily active users in the second quarter, beating analysts’ expectations for 290.72 million, according to data compiled by Bloomberg.