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Key takeaways from Snap’s (SNAP) Q2 2024 performance

by Staff Correspondent
August 4, 2024
in Markets
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Shares of Snap Inc. (NYSE: SNAP) plummeted 26% on Friday, after the corporate delivered blended outcomes for the second quarter of 2024 a day in the past and offered third-quarter steerage that didn’t impress the Avenue. Listed here are the important thing takeaways from the earnings report:

Quarterly numbers

Snap generated revenues of $1.24 billion for Q2 2024, which rose 16% year-over-year however fell beneath estimates of $1.25 billion. GAAP internet loss narrowed to $0.15 per share from $0.24 per share final yr. Adjusted EPS amounted to $0.02, which got here according to expectations.

Person progress and engagement

Snap’s month-to-month energetic customers (MAUs) reached over 850 million in Q2, because it goals for 1 billion MAUs. Every day energetic customers (DAUs) stood at 432 million, which was up 9% YoY. DAUs in North America dipped barely to 100 million, whereas DAUs in Europe grew 3% to 97 million. Remainder of World DAUs grew 16% to 235 million in Q2.

Throughout the quarter, Snap noticed enchancment in content material engagement with international time spent watching content material rising 25% YoY. International content material viewers grew 12% YoY in Q2. Development in engagement was primarily pushed by progress in complete time spent watching Highlight and Creator Tales.

Promoting

Within the second quarter, Snap’s promoting income elevated 10% YoY to $1.13 billion. Direct response (DR) promoting income rose 16% YoY, supported by robust progress in energetic advertisers and early contributions from product enhancements. Model-oriented promoting income fell 1% YoY, primarily as a result of weak demand in sure client discretionary verticals akin to retail, expertise, and leisure.  

Throughout the second quarter, Snap witnessed power in DR in North America, helped by strong progress within the small and medium-sized buyer section. Model-oriented demand remained weak on this area. The corporate witnessed continued progress on its DR advert platform in each Europe and Remainder of World through the quarter whereas the demand atmosphere for brand-oriented promoting options remained comparatively steady in Europe.

Outlook

For Q3 2024, Snap expects income to vary between $1.33-1.37 billion, representing a progress of 12-16% YoY. The corporate anticipates DAUs will attain approx. 441 million within the third quarter.



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