Snap shares surged 6% in premarket trading after the company reported second-quarter revenue above expectations and a narrower loss per share. Quarterly revenue rose 18% year over year to $1.6 billion, beating the $1.53 billion consensus, while the loss per share came in at $0.10 versus the $0.12 Wall Street had forecast. CEO Evan Spiegel cited better momentum with large North American advertisers, stronger international revenue growth, and a contribution from World Cup-related spending. The company also highlighted that Snapchat is approaching 1 billion monthly users, with Spotlight daily active users growing more than 20% and the number of people posting to Spotlight up more than 115% year over year. Despite the premarket gain, Snap shares remain down more than 38% year to date and roughly 93% from their 2021 all-time high near $75.
Snap IncBeat Q2 revenue and loss estimates, with revenue up 18% and narrower loss per share.
Meta Platforms Inc.