Snap, still wrestling with softer ad sales amid stiff competition in the digital advertising sector, saw its top line drop 4% in the second quarter of 2023 — and while it managed to beat Wall…
For Q2, the company reported revenue of $1.07 billion and a net loss of $377 million million, or an adjusted loss of 2 cents per share. It was the second quarter in a row of revenue decline, after Snap sales were off 7% in Q1. For the most recent quarter, Wall Street was expecting the social media and messaging app company to post revenue of $946.7 million and an adjusted net loss of 4 cents per share.
At the same time, Snapchat’s user base continues to grow: In Q2, the app added 14 million daily active users on average in the quarter to hit 397 million . In discussing its Q3 guidance, Snap said, “From a revenue perspective, our business remains in a period of rapid transition as we work to improve our advertising platform, while forward visibility of advertising demand remains limited.” The company estimated third-quarter revenue will be flat to down by 5%, and that adjusted earnings will be between negative $50 million and negative $100 million. That reflects “estimated infrastructure costs” per daily active user of $0.79 to $0.
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