Snap Investors Ignore $360 Million Quarterly Loss — And Focus Instead On User GrowthSnap’s first-quarter loss was larger than the one a year ago — and wider than Wall Street expected.
It lost $360 million. Moreover, the company’s sales came in a hair shy of Wall Street projections. Snap did $1.06 billion, slightly less than the forecast $1.07 billion, citing a
wide downturn in the ad market.
But the company had some good tidings, too. Most relevantly, it said
daily users grew by 18% in the quarter to 332 million. User growth is one of the most popular gauges for a company’s health, and
Snap’s expansion comes against hard times for its largest competitors: Meta, which has stagnant growth, and Twitter, which has set large growth goals that may be impossible to meet.
Snap shareholders
sent the stock up 6% in after-hours trading. It was a rare respite for the beleaguered shares.
