Snap (NYSE:SNAP) earnings for the social media and camera company’s second quarter of 2020 have its stock taking a beating after-hours Tuesday. That’s despite its adjusted losses per share of 9 cents matching Wall Street’s estimate. It’s revenue of $454.16 million also comes in above analysts’ estimates of $438.09 million.
Let’s take a deeper dive into the most recent Snap earnings report below.
- Adjusted per-share losses are 42% wider than the -6 cents from the same period of the year prior.
- Revenue for the quarter is sitting 17% higher than the $388.02 million from Q2 2019.
- Operating loss of $310.61 million is a 2% worse result year-over-year compared to -$304.82 million.
- The Snap earnings report also has net loss coming in at $325.95 million.
- That’s a 28% deterioration from its net loss of $255.17 million reported during the same time last year.
Evan Spiegel, CEO of Snap, said the following in the earnings report.
“We continued to grow our community and business in a challenging and uncertain environment. I am proud of our team for innovating on new experiences for our community and driving value for our partners, demonstrating the importance of our service in people’s lives. We are grateful that the resilience of our business has allowed us to remain focused on our future growth and opportunity.”
Snap isn’t providing guidance for 2020 at this time. The company cites the novel coronavirus as the reason behind this decision. Many other companies are doing the same during the pandemic.
SNAP stock was down 4.4% after-hours Tuesday and closed out normal trading hours down 2.1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.