Snap Inc. reported on Thursday that its revenue rose by 13% year over year to reach $1.11 billion in the second quarter of fiscal 2022, below analysts’ expectations.
Operating loss stood at $401 million, while net loss amounted to $422 million, compared to $152 million in the previous year. Diluted net loss per share attributable to common stockholders came in at $0.26 in the three-month period that ended on June 30, 2022, after standing at $0.10 a year ago. The number of Daily Active Users (DAU) rose 18% yearly to 347 million in the second quarter.
“While the continued growth of our community increases the long-term opportunity for our business, our financial results for Q2 do not reflect our ambition,” said Evan Spiegel, CEO. “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.”
Snap shares fell 24.46% to sell at $12.31 in after-hours trading at 4:22 pm ET.