Wave Optics Limited ("Wave Optics") is a display technology company that provides light engines and diffractive waveguides for augmented reality. Snap has made several acquisitions in the past two years, enabling it to increase its technological offerings to users. More than 80% of TikTok's users are 10-39 years old, precisely the age group that uses Snap the most. Moreover, especially for Snap, which is used by younger average users than Instagram or Facebook, the challenge with TikTok is even more pronounced. Chinese social is taking space away from Snap and Instagram, especially in Europe and Asia, where it has more users and more downloads. Competition with TikTok is one of the most critical issues facing the company. In addition, the company reported that it had reached 90% of 13-24 year-olds and 75% of 13-34 year-olds in more than 20 countries, although penetration in Europe is still low.
Daily active users (DAUs) grew by 18% over the previous year, with a growth of 4% in America, 10% in Europe, and 35% in the rest of the world. However, some positive results were also related to user growth. In addition, the company reported adjusted EBITDA of $7 million (compared to $117 million in Q2 of 2021) and a net loss of $422 million, compared to a net loss of $152 million in Q2 of 2021. Second quarter revenues grew 13% to $1.11 billion, below analysts' estimates of $1.14 billion. The reported results, however, fell far short of these estimates. The company had initially stated that it expected revenue growth estimated between 20% and 25% over the previous year, with adjusted EBITDA estimated between break-even and $50 million. (SNAP) reported that it had revised its guidance for Q2. That the quarterly report was not positive could be guessed as early as May, when Snap Inc. SNAP stock plummeted 40% in one day on fears of slowing growth.Īt present, SNAP stock doesn't appear to be underestimated. Snap's quarterly results were not good, but some positive things are there. Why Snapchat Is Destroying Your Portfolio
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