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Shares of Snap Inc. (NYSE:SNAP) were down nearly 15% in post-market hour reaction on Tuesday after the Snapchat owner reported second-quarter results that failed to impress investors and provided a lackluster forecast.
For the third quarter, the company said it sees revenue between $1.48B and $1.51B (est. $1.48B) and daily active users about 476M, below of the 476.4M estimate.
Daily active users in Q2 were 469M, up 8.6% year-over-year but only marginally ahead of the consensus estimate of 648.11M. Average revenue per user was $2.87 in the quarter, below the consensus estimate of $2.89.
Net loss for the three months ended June 30 widened to $262.6M, compared to a loss of $248.6M for the same period last year.
On a per-share basis, the Santa Monica, California-based firm lost 16 cents, while the average expectation was a loss of 15 cents per share.
Adjusted EBITDA fell 25% to $41M (est. $48.7M), compared to $55M in the prior year.
Revenue rose nearly 9% to $1.35B but was below the $13.5B estimate.