Multimedia messaging platform Snap, Inc. (NYSE: SNAP) reported a net loss for the second quarter of 2022, compared to a profit last year, despite sales growing in double digits. The results missed the consensus estimates.
Second-quarter net loss, on an adjusted basis, was $0.02 per share, compared to earnings of $0.10 in the same period of 2021. Analysts had predicted a narrower loss for the most recent quarter.
On an unadjusted basis, the company reported a net loss of $422.07 million or $0.26 per share in the June quarter, compared to a loss of $151.66 million or $0.10 per share in the second quarter of last year. Meanwhile, revenues increased 13% annually to $1.11 billion, which missed analysts’ forecast.
Check this space to read management/analysts’ comments on Snap’s Q2 2022 earnings
“We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth,” said Evan Spiegel, CEO of Snap.