(RTTNews) - Snap Inc. (SNAP) on Monday reported a narrower second-quarter net loss, as revenue grew 19 percent from last year, driven by improvements in its advertising business and growth in direct revenue.
The social media company reported a net loss of $163.96 million or $0.10 per share for the second quarter, compared with a loss of $262.57 million or $0.16 per share in the prior-year period.
Quarterly revenue increased 19 percent to $1.599 billion from $1.345 billion a year ago.
"Q2 reflects the progress we are making to strengthen our core business and build a more durable financial foundation for Snap," said Evan Spiegel, co-founder and CEO. "We grew revenue by 19%, expanded margins, and generated positive free cash flow while improving advertising performance and rapidly growing our direct revenue business. We remain focused on serving our 971 million monthly active users, delivering measurable value for advertisers, and investing with discipline to increase free cash flow per share over time."
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