Snap narrows loss in Q3 - Mobile World Live

Snap narrows loss in Q3

26 OCT 2018

Snap reduced its net loss in Q3 2018 compared with the same quarter of 2017, as it reported an increase in daily active users (DAUs) for its messaging app.

Net loss stood at $325 million, an improvement of $118 million year-on-year, while revenue increased 4 per cent to a record $298 million. DAUs of 186 million were up 5 per cent.

However, the figure was down by 1 per cent sequentially for the second time and CFO Tim Stone said on an earnings call to expect this to continue into Q4.

In a statement he explained: “We’re investing in long-term growth opportunities and driving operational efficiencies. We achieved record revenue and strong bottom-line results this quarter and expect a record fourth quarter, as we continue to invest in innovation for our community and scale our business.”

Snap predicted Q4 revenue will “reach a new high of between $355 million and $380 million, or grow between 24 per cent and 33 per cent compared to Q4 2017.”

During 2018, the social media company has cut jobs and faced backlash from users regarding a revamped version of its app.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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