Snap’s news highlights three concerns about the state of online advertising.
The company loss totaled 26 cents a share. Analysts polled by FactSet were expecting a loss of 22 cents. It’s second-quarter was disappointing as well. Had declined to provide forecasts for its third-quarter performance last week. Sales from advertising contributed €360 million in the last quarter, an increase of 31% from a year ago.įor the current third quarter ending in September, the company sees monthly active users of 450 million, higher than expectations of 444 million. Net additions came in at a record 19 million, not counting Spotify’s exit from Russian market and an outage it experienced in March.
That was higher than the 428 million analysts expected, according to FactSet, and easily beat the year-ago count of 365 million.
Spotify (ticker: SPOT) said its monthly active users-an important metric for the online music service-rose in the second quarter to 433 million. That puts the stock on pace for its best day since late January, when it rose by 13.5%. Were up 12.5% to $117.02 in intraday trading on Wednesday.
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