Summary by Moomoo AI
Snap Inc. reported Q2 2024 revenue of $1.24 billion, up 16% year-over-year, while net loss narrowed to $248.6 million from $377.3 million in Q2 2023. Daily Active Users (DAUs) increased 9% year-over-year to 432 million, with Average Revenue Per User (ARPU) rising to $2.86 from $2.69. The company generated $55 million in Adjusted EBITDA, compared to negative $38.5 million in the prior year.Operating expenses totaled $1.49 billion, with research and development costs decreasing 15% to $406.2 million due to lower headcount. Cost of revenue increased 19% to $588.9 million, driven by infrastructure investments to support DAU growth and machine learning capabilities. The company maintained a strong liquidity position with $3.1 billion in cash and marketable securities.During the quarter, Snap completed its $500 million stock repurchase program and issued $750 million in convertible senior notes due 2030. The company also repurchased approximately $418.3 million of existing convertible notes. Management continues to focus on growing user engagement, accelerating revenue growth, and investing in augmented reality while implementing cost efficiency measures.
