Snap Reports Q2 Earnings Beat, Daily Active Users Up 17% YoY

Snapchat parent company Snap Inc SNAP shares are trading lower on Tuesday after the company reported second-quarter earnings results.

Snap reported quarterly losses of 9 cents per share, which beat the analyst consensus estimate by 1 cent.

The company reported quarterly sales of $454 million, which beat the analyst consensus estimate of $433.11 million by 4.82%. This is a 17% increase over sales of $388.02 million the same period last year.

Snap reports second-quarter daily active users were up by 17% year-over-year. Snap’s CFO says so far in the third quarter, estimated year-over-year revenue growth is expected to be 32% through July 19.

"We continued to grow our community and business in a challenging and uncertain environment," said Evan Spiegel, CEO of Snap. "I am proud of our team for innovating on new experiences for our community and driving value for our partners, demonstrating the importance of our service in people's lives. We are grateful that the resilience of our business has allowed us to remain focused on our future growth and opportunity."

Snap shares were trading down 4.2% at $23.70 in Tuesday's after-hours session. The stock has a 52-week high of $26.76 and a 52-week low of $7.89.