Snap Posts Record Revenue as Snapchat Adds 13 Million Users in Q2
Snap’s Q2 revenue increased 116% compared to the same time last year, the company reported on Thursday afternoon, as Snapchat continued to add new users at a better-than-expected pace during the second quarter.
Snapchat added another 13 million daily users during Q2, pushing the company to 293 million users overall; analysts were looking for the company to add about 10 million during the quarter.
At the same time, Snap was close to posting its first billion-dollar quarter in terms of revenue, with the LA-based company bringing in $982 million in sales — well ahead of the $848 million Wall Street analysts had projected.
“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” Snap CEO Evan Spiegel said in the company’s letter to shareholders. “We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world.”
It was a fairly eventful spring quarter for Snap, with the company making its biggest deal to date when it acquired augmented reality startup WaveOptics for $500 million in May. Around the same time, Snap also shared it had reached 500 million monthly users and was now used by 90% of Americans between the age of 13-24.
More to come…
