SNAP Narrows Loss In Q2, Adj. EPS Tops Street View

(RTTNews) - California-based social media company Snap Inc. (SNAP) reported a narrower loss in the second quarter on Thursday as revenues doubled. Adjusted earnings for the quarter trumped trumped Wall Street's view. The shares are gaining 15% in the after-hours market. The net loss for the company narrowed to $151.6 million or $0.10 loss per share from $325.9 million or $0.23 loss per share in the previous year. Excluding special items, the company reported a net income of $1441.1 million or $0.10 earnings per share, up from a loss of $124.4 million or $0.09 loss per share. Twenty-five analysts polled by Thomson Reuters expected a loss of $0.01 per share for the quarter. Analysts' estimates usually exclude one time items. The revenues for the quarter increased 116% to $982 million from $454.1 million in 2020. Thirty-one analysts estimated revenue of $844.9 million for the quarter. The company expects the revenue in the third quarter to be between $1,070 million and $1,085 million, while twenty-five analysts forecast a $1.01 billion revenue. Commenting on the results, CEO Evan Spiegel said, "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 closed Thursday's regular trading at $62.97, down $0.42 or 0.66%, on the NYSE. The stock, however, gained $9.97 or 15.83% in the after-hours trade.