Overview

• Snap reported second-quarter revenue of $1.34 billion, narrowly missing the $1.35 billion consensus and registering its slowest 12-month growth rate at 8.1%.
• An unintended change to its ad-auction platform allowed campaigns to clear at reduced prices, with Snap confirming the error has been reversed.
• Global average revenue per user fell to $2.87 against expectations of $2.90, and the company’s net loss widened to $263 million from $249 million a year earlier.
• Daily active users climbed 9% to 469 million, while Snapchat+ subscriptions jumped 42% year-over-year to nearly 16 million, driving gains in its Other Revenue segment.
• For the third quarter, Snap forecasts revenue of $1.475 billion to $1.505 billion and has realigned its engineering and business teams to bolster platform integrity and growth.