Snap Q2 revenue up 116% at $982 million

Net loss dropped 53% to $152 million and adjusted EBITDA improved 223% to $117 million in Q2 2021

e4m by exchange4media Staff
Updated: Jul 23, 2021 1:57 PM

Snap has registered 116% growth in revenue at $982 million in Q2 2021, compared to the prior year. Net loss dropped 53% to $152 million in Q2 2021. Adjusted EBITDA improved 223% to $117 million in Q2 2021.

For Q3 2021, the company has said that the revenue is estimated to increase approximately 58% to 60% year-over-year, resulting in estimated revenue between $1,070 million and $1,085 million, compared to $679 million in Q3 2020. Adjusted EBITDA is estimated to be between $100 million and $120 million, compared to $56 million in Q3 2020.

“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” said Evan Spiegel, CEO. “We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world.”

In Q2, Snap had 293 million Daily Active Users (DAUs), an increase of 55 million, or 23%, year-over-year. DAUs increased sequentially and year-over-year in each of North America, Europe, and the Rest of the World. DAUs increased sequentially and year-over-year on both iOS and Android platforms.

During the quarter under review, the company invested and innovated in our camera and augmented reality platforms besides improving several try-on capabilities with Lens Studio 4.0, including multi-person 3D body mesh, advanced cloth simulation, and a new visual effects editor for more realistic Lenses.

It released TrueSize technology to improve eyewear sizing and wrist tracking technology for accurate watch try-ons. The platform also introduced several new categories for Scan, including fashion and food, which is already used by more than 170 million Snapchatters every month to identify dog breeds and plants, discover recipes, and shop for clothing.

Snap also introduced Camera Shortcuts, an easy way for Snapchatters to find the most relevant camera mode, Lens, or even curated soundtrack, right from the Camera screen. The platform also introduced Connected Lenses, enabling Snapchatters in different locations to interact with each other through AR.

In terms of content offerings, Snap aired eight new and renewed Snap Originals, including Swae Meets World, a documentary featuring American musician Swae Lee as he prepares to launch a solo album. It also launched a record 177 new international Discover Channels, including 36 in the UK and 24 in India, one of which is a partnership with Sony Pictures Network to launch five Shows.

Spotlight daily active users grew 49%, average daily content submissions more than tripled, and daily time spent per user in the US grew by over 60% quarter-over-quarter. During the quarter, Spotlight on the Web was launched as a destination to view Spotlight Snaps from a browser without a Snapchat account, and also allow Creators to upload content submissions directly from their desktop.

The platform also unveiled new monetization opportunities for Spotlight Creators through Gifting with Snap Tokens, enabling Creators to build personal connections with their fans.

Snap expanded its partner and developer ecosystem by announcing Camera Kit partnerships with Disney, Viber, and Bumble, bringing our Camera and AR capabilities into their applications. It also announced Snap Kit integrations with YouTube and YouTube Music, allowing users to share YouTube videos to the Snapchat Camera. It also announced a Bitmoji for Games partnership with Unity, allowing Unity developers to bring 3D Bitmoji avatars into their player experience.

Snap released the Sticker Kit, which includes over 34 million Bitmojis, Stickers, and GIFs that can be integrated into partner applications. Furthermore, it announced Layers, a new feature for the Snap Map enabling Snapchatters to find personalized experiences from select partners right from the Map, such as surfacing saved Memories across the Map and showing nearby restaurants and events.

In terms of advertising, Snap rolled out Public Profiles for businesses, allowing any business to create a profile on Snapchat showcasing their Lenses, Highlights, Stories, and shoppable products. It also announced an integration with Salesforce, allowing brands to leverage their first-party data to reach Snapchatters with relevant ads.

The platform launched the Creator Marketplace within our self-serve Ads Manager, connecting advertisers with certified Lens Creators and facilitating the AR development process besides introducing API Lenses, which enables businesses to automatically import up-to-date product inventory into AR Lenses without additional work.

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