Snap just reported second-quarter earnings
Here is how the company did compared with Wall Street's expectations:
Snap said its second-quarter sales grew 9% year over year while it recorded a net loss of $262.6 million. The company's net loss during the same quarter last year was $248.6 million.
Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, for the second quarter came in at $41 million, trailing the $53 million that StreetAccount was projecting.
Snap said third-quarter revenue will come in between $1.475 billion and $1.505 billion, ahead of Wall Street estimates of $1.475 billion.
The company said adjusted EBITDA for the third quarter will be in the range between $110 million and $135 million. That figure's midpoint of $122.5 million is higher than StreetAccount's projections of $116 million.
Snap said third-quarter global daily active users will total 476 million, roughly in line with the 475.7 million StreetAccount is expecting.
The company's Snapchat+ subscription service is approaching 16 million in the second quarter, representing a 42% year-over-year increase, Snap CEO Evan Spiegel wrote in an investor letter. Snap's subscription service is the "largest driver" to the company's Other Revenue category, rising 64% year over year to $171 million in the second quarter, Spiegel said.
Snap's adjusted operating expenses for the second quarter rose 10% year over year to $654 million, Spiegel said in the letter.
Spiegel said in an investor letter that it will be "distributing" its engineering teams to "directly support" its business functions, resulting in its core applications team reporting to tech chief Bobby Murphy. The monetization engineering team will be reporting to business chief Ajit Mohan.
"Our Chief Information Officer and Chief Information Security Officer will report to me and lead enterprise-wide foundational infrastructure and platform integrity," Spiegel said in the letter. "This new, distributed structure will empower our teams to take greater ownership and drive continued innovation for our community and advertising partners."
Eric Young, Snap's senior vice president of engineering who joined the social media company in 2023 from Google, is leaving the company to "pursue a new opportunity," Spiegel said in the letter.
Last Thursday, Amazon reported second-quarter earnings in which its online ad sales rose 23% year over year to $15.69 billion, while Reddit reported second-quarter revenue that jumped 78% year over year to $500 million.
Alphabet reported its second-quarter earnings on July 23 that beat on the top and bottom lines. Meta said on July 30 that its second-quarter sales grew 22% year over year to $47.52 billion.
Pinterest will report its financials on Thursday.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Android Authority
a few seconds ago
- Android Authority
Gemini's ‘bouncy' makeover starts rolling out, and it's kinda fun to watch
Credit: AssembleDebug / Android Authority Google is rolling out an updated overlay for the Gemini AI assistant with a more rounded design. The new interface features an animated circular entrance that expands into a pill-shaped form, complementing the rounded design to give the overlay a fun appearance. We previously spotted these changes, and they are now appearing for some users. Google has been making great progress with Gemini, to the point that it stands on par with its competitors. Its default presence on and deep integration within Android flagships helps give it a ready user base, and I know plenty of people who have warmed up to the idea of the AI digital assistant. Google had been testing a subtle tweak to the Gemini overlay to make it more appealing to users, and it seems the company has now started rolling it out to some users in the stable branch. Over the past month, Google has been working on some tweaks to the Gemini overlay, including changes to its coloring and shape, as well as some animation changes. Reddit user Disastrous_Box1177 (via 9to5Google) reports that they have received the change, and they've shared a video showing off a more-rounded Gemini overlay with a bouncy animation.
Business Insider
43 minutes ago
- Business Insider
'Browse Securely Now': Microsoft Stock (NASDAQ:MSFT) Gains as it Calls Users to Pass Up Chrome
There may be trouble ahead for tech giant Microsoft (MSFT), as it has recently made a lot of advances in security, though not in ways that users are exactly pleased with. While the ongoing push to force users out of Windows 10 and into Windows 11 is still drawing a lot of user complaint, another new measure is also drawing ire. Microsoft wants users to pass up Google's (GOOGL) Chrome browser in exchange for Microsoft's own Edge. This was good enough for investors, who gave Microsoft a modest boost in share prices in Tuesday afternoon's trading. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Windows users who install Chrome are being met with some unexpected messaging from Microsoft: 'Browse securely now. Microsoft Edge runs on the same technology as Chrome, with the added trust of Microsoft.' Given that Chrome users outnumber Edge users by somewhere in the neighborhood of six to one, reports note, this reads less like an actual security issue and more like a marketing ploy. Taskbar flags in the pre-release version of Canary, reports note, will '…pin Edge when you close the browser.' Moreover, the flags specifically mention Chrome by name, and include a flag that triggers when exiting the browser. A second flag is perhaps more disturbing still, calling on users to pin Edge to the taskbar '…when Chrome's usage is greater than 90%.' With a class action lawsuit already firing up to take Windows to task over removing security support for Windows 10, this is not what anyone would call 'good optics' for Microsoft right now. At Least the Game Gets Support While Windows support for laptops and desktops may be failing, a new report notes that Forza Motorsport and Forza Horizon 5 will not go wanting for support. In fact, Microsoft recently announced that Turn 10 and Playground Games will continue supporting both Forza titles. The issue was somewhat shrouded in mystery, with some wondering how support could possibly continue as around half of Turn 10 had been laid off last month. But with these remarks, Microsoft seems ready to carry on that support, somehow. And with a range of new games coming out in short order for the 25 th anniversary of Xbox, this should be welcome news for gamers. Is Microsoft a Buy, Hold or Sell? Turning to Wall Street, analysts have a Strong Buy consensus rating on MSFT stock based on 34 Buys and one Hold assigned in the past three months, as indicated by the graphic below. After a 26.03% rally in its share price over the past year, the average MSFT price target of $623.34 per share implies 18% upside potential.
Business Insider
an hour ago
- Business Insider
A boomer living on Social Security applied to 3,700 jobs in 7 years. He suspects ageism set him back in the job market.
"I received kissoff in email 2/5/2021," Mark Porter wrote, adding, "I asked if the woman I phone screened with had any further feedback as to why I wasn't hired." That's one of 224 similar notes about rejections that Porter has entered into the spreadsheet he uses to track the nearly 3,700 job applications he's sent out in the last seven years. After being laid off from a full-time job in early 2018 at the age of 60, he's been unable to secure another permanent role. Porter, now 67, has spent most of his career in payroll and accounting roles, including stints as a payroll specialist, accounting associate, and accounts receivable clerk. In the years since his layoff, he's earned some income from short-term contract roles, the last of which was a payroll specialist job that ended in the summer of 2024, when the original employee returned from maternity leave. "I had to burn through my 401(k), and I had to burn through money that my mother left me," said Porter, who rents a one-bedroom apartment in Massachusetts. "It's been really rough." Porter's story reflects the challenges many older Americans are facing. They're struggling to find work, draining their savings, and watching retirement slip further away. Business Insider has heard from thousands of older Americans who are having trouble affording necessities with limited savings and Social Security income. Hundreds have said they are still working full time, have taken part-time jobs to supplement their income, or are actively looking for work. These challenges are compounded by a cooling job market. While the unemployment rate for Americans age 55 and older remains low compared to historical levels, it's ticked up over the past two years as various factors, ranging from economic uncertainty to the early impacts of AI adoption, have led many companies to cut back on hiring. US businesses are now hiring at nearly the slowest pace in more than a decade, and white-collar jobs, which include the payroll and accounting roles Porter is looking for, have been particularly affected. The number of accounting job postings on Indeed has declined significantly since 2022. Business Insider has heard from hundreds of Americans over the past year who are struggling to find work as US businesses slow hiring and flatten management structures. Share your story by filling out this quick form and read more below: I'm a 53-year-old middle manager who can't find a job. I burned through my savings and even resorted to selling plasma — this market is a black hole. A boomer moved to Panama so her retirement would be more affordable. Now she's struggling to find a job, and her dream is slipping away. From six figures to $25 an hour: These struggling job seekers are settling for lower-paying jobs to pay the bills Job searching in 2025? It's a mess no matter how old you are. Combatting age bias in the hiring process Since April 2017, Porter has tracked every job he applies to in a Google spreadsheet, which includes the company name, job title, pay, location, and which version of his résumé he used. Despite holding a bachelor's degree from Boston College and having decades of work experience, Porter has had trouble landing interviews. This has led him to conclude that his age is a major factor holding him back. Porter said job searching started to become more difficult in his fifties and persisted throughout the Great Resignation, even as job postings and hiring surged amid the post-pandemic recovery. He said he knows several people his age facing similar struggles. Through conversations with them, Porter heard a theory that applicant tracking systems can detect a candidate's age based on certain phrases in résumés, potentially hurting older applicants' chances. Porter said a professional résumé writer he hired about two years ago believed the theory had some merit. "She said rewording will get you past a lot of these résumé readers that just toss résumés in the trash based on how old they think you are — by the tone of the way the résumé is written," he said. Porter said he couldn't recall exactly what tweaks were made to his résumé, but that they didn't seem to boost his response rate from employers. Though age discrimination is difficult to prove, in a survey published by Harris Poll and the American Staffing Association in 2024, 78% of baby boomers said they believed their age would be a contributing factor when being considered for a new position, and 53% said they thought their age limited their career opportunities. Financial challenges have had personal and career impacts Porter said his age isn't the only thing complicating his job search. A few years ago, Porter said he interviewed for a role at a financial services company that seemed promising — until the company asked to run a credit check. At the time, he was in bankruptcy, the result of credit card debt he'd accumulated to cover living expenses while unemployed. The company told him that because the role involved handling financial securities, his bankruptcy could complicate his hiring, and the interview process stopped there. Porter said he hopes to emerge from bankruptcy in the coming months and may reach back out to the company to see if any opportunities are still available. In the meantime, Porter's roughly $2,000 a month Social Security check, which he said he began collecting two years ago, is what's keeping him afloat. "That's the only reason I have a roof over my head and food to eat," said Porter. His Social Security income is critical because he was forced to deplete much of his savings during his years of job hunting. Looking ahead, Porter plans to keep applying for positions through Indeed, but he said there seem to be significantly fewer job postings than there were a few years ago. In recent months, he said he's broadened his search, even contacting the owner of a plumbing company to ask whether someone his age could realistically be trained and hired. He didn't get a firm answer. When he's not looking for work, he said he can't afford to vacation as much as he used to, but that he's found ways to stay productive. "There's a pool at my apartment complex where I can swim during the summer," he said. "And the rest of the year, I go to a health club and I have books I can read. I keep myself busy."
