Illustration by Alex Castro / The Verge
Snap continues to grow its user base with the release of innovative product features, but those features have come with a steep monetary cost. In its latest earnings call, Snap disclosed that it lost $241 million this past quarter on $561 million in revenue, compared to only $192 million in Q4 of 2018 on $390 million in revenue. It did manage to grow its daily active user base by 8 million this quarter, to reach 218 million. However, it’s asking for investors’ patience while it works on making its way to profitability.
In prepared remarks, Snap CEO Evan Spiegel said he’s confident in the company’s “long-term growth and profitability,” particularly as the company invests in “supporting real friendships on Snapchat,” expanding globally,…tech, The Verge, The Verge - All Posts