Business

Snap reports accelerating revenue growth, strong user numbers for first quarter

Snap’s net loss narrowed 6% to $287 million, from a loss of $306 million a year ago. The company also expects to reach approximately 290 million DAUs in the second quarter. This revenue guidance includes Snap’s estimate for the potential impact of Apple’s privacy changes in iOS 14, Andersen said. Those changes could impact social media companies’ ability to target ads to users. Andersen added that Q1 marked Snap’s first-ever quarter of positive free cash flow as a public company, which came in at $126 million. That was up $131 million compared with a year prior. Snap reported 280 million daily active users, up nearly 6% from the 265 million the company reported in February. That figure is up more than 22% compared with the 229 million daily users the company reported a year prior.

Source: CNBC

 

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