(RTTNews) - Camera and social media company Snap Inc. (SNAP) is set to release its Q2 results on Tuesday, July 21, 2020 at 5:00 p.m. ET, and is expected to report a loss of $0.09 per share on revenue of $438.09 million for the quarter, according to analysts polled by Thomson Reuters.
In the prior year period, Snapchat's parent company incurred a net loss of $255.2 million or $0.19 per share on revenue of $388.0 million. Non-GAAP loss was $0.06 per share for the second quarter of fiscal 2019.
The company's Q1 net loss narrowed to $305.9 million or $0.21 per share from $310.4 million or $0.23 per share last year. On an adjusted basis, loss was $0.08 per share, compared to $0.10 loss per share incurred a year ago. Analysts polled by Thomson Reuters estimated a loss of $0.07 per share last year.
Revenues rose 44% to $462.5 million from the previous year's $320.4 million, and surpassed Wall Street analysts' estimate of $431.43 million for the quarter.
Snap's multimedia messaging app, Snapchat saw more than 35% increase in the first quarter ended March 31 as more people were spending time on Snapchat during the Coronavirus lockdown.
Notably, in the first quarter, Snap's Daily Active Users or DAUs were 229 million, an increase of 39 million or 20% year-over-year. DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
As recently as on June 11, the company announced a flurry of new developer products and partnerships across the Snap Kit, Snap Games and Bitmoji ecosystems. Snap also introduced Snap Minis, a new way for developers to bring experiences inside Snapchat while leveraging the social power of the platform.
Also, Snap announced content deals with Disney, ESPN, NBCUniversal, ViacomCBS, the NBA and the NFL for Snapchat's Discover platform, one of the industry's most established made-for-mobile video destinations.
The company introduced 'Happening Now', and has partnered with some of the most trusted news organizations, like The Washington Post, Bloomberg, Reuters, NBC News, ESPN, NowThis, E! News, Daily Mail, BuzzFeed News and more, to turn updates on the biggest stories across politics, entertainment, sports and more into single Snaps.
Further, the company announced new camera and augmented reality experiences for developers, creators, and Snapchatters. Snap also claims that over 170 million of Snapchatters engage with AR-powered features for nearly 30 times per day. Lenses, Snap's AR product, are made by Snap's own design team and its global creator community, with top-performing community Lenses reaching billions of views on Snapchat.
The stock has been trading in the range of $7.89 - $26.76 for the past one year, and closed Friday's trade at $24.54, up 64 cents or 2.68%. In the Monday's regular trading session, SNAP is currently trading at $25.06, up 52 cents or 2.12%.
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