Snap Inc. grows second-quarter revenue 16%, reduces quarterly loss
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Snap Inc. announced financial results for the quarter ended June 30, 2024. Sales revenue increased 16% to $1.23 billion, with the net loss improving to $249 million, compared to $377 million last year.
“Our community grew to reach more than 850 million monthly active users in Q2, with more than 11 million Snapchat+ subscribers,” said Evan Spiegel, CEO. “We continued to scale our advertising platform with active advertisers more than doubling year-over-year. We are looking forward to hosting our upcoming Snap Partner Summit on September 17th, where we will announce new updates to our service.”
| Three Months Ended June 30, |
Percent Change |
Six Months Ended June 30, |
Percent Change |
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| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||
| (Unaudited) | (in thousands, except per share amounts) | ||||||||||||||||||||
| Revenue | $ | 1,236,768 | $ | 1,067,669 | 16 | % | $ | 2,431,541 | $ | 2,056,277 | 18 | % | |||||||||
| Operating loss | $ | (253,975 | ) | $ | (404,339 | ) | 37 | % | $ | (587,207 | ) | $ | (769,603 | ) | 24 | % | |||||
| Net loss | $ | (248,620 | ) | $ | (377,308 | ) | 34 | % | $ | (553,710 | ) | $ | (705,982 | ) | 22 | % | |||||
| Adjusted EBITDA (1) | $ | 54,977 | $ | (38,479 | ) | 243 | % | $ | 100,636 | $ | (37,666 | ) | 367 | % | |||||||
| Net cash provided by (used in) operating activities | $ | (21,377 | ) | $ | (81,936 | ) | 74 | % | $ | 66,975 | $ | 69,166 | (3 | )% | |||||||
| Free Cash Flow (2) | $ | (73,439 | ) | $ | (118,879 | ) | 38 | % | $ | (35,535 | ) | $ | (15,407 | ) | (131 | )% | |||||
| Diluted net loss per share attributable to common stockholders | $ | (0.15 | ) | $ | (0.24 | ) | 38 | % | $ | (0.34 | ) | $ | (0.44 | ) | 23 | % | |||||
| Non-GAAP diluted net income (loss) per share (3) | $ | 0.02 | $ | (0.02 | ) | 200 | % | $ | 0.05 | $ | (0.01 | ) | 600 | % | |||||||
| (1) | See page 9 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges included in our consolidated statements of operations for the three and six months ended June 30, 2024, and excluded from Adjusted EBITDA, were $1.9 million and $72.0 million, respectively. | |
| (2) | See page 9 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow. | |
| (3) | See page 10 for a reconciliation of diluted net loss per share to non-GAAP diluted net income (loss) per share. |
Q2 2024 Summary & Key Highlights
- Daily active users (DAUs) were 432 million in Q2 2024, an increase of 36 million, or 9% year-over-year.
- Snap reached more than 850 million monthly active users (MAU).
- Snap recently announced new communication features for Snapchatters to stay connected with friends and family and the world, including editable chats, Map emoji reactions, and My AI reminders.
- Snap renewed our longstanding sports partnerships with the NFL, NBA, and WNBA, to provide official content across Stories and Spotlight for our community.
- Snap announced Snap Nation, an exciting evolution of its partnership with Live Nation that gives Snapchatters access to tour and festival experiences that only Live Nation can offer.
- Snapchat+ reached 11 million subscribers in Q2.
- Snap announced AR Extensions, which enable advertisers to integrate AR Lenses and Filters directly into all Snapchat ad formats.
- Snap announced that brands can now leverage Generative AI technology such as our ML Face Effects to create custom-sponsored AR Lenses.
- Snap launched Lens Studio 5.0, which features new Gen AI Suite that makes Lens Studio easier to use by enabling creators to generate a variety of Lens-ready assets with a prompt and no coding required.