Social Media entity Snap Inc. recorded a revenue of $770 million in Q1 2021, a jump of 66% from the previous year, according to the company’s press release. The revenue was more than expected $744 million, helped by an increase in the number of Snapchat users.
Net losses narrowed to $287 million, down from $306 million in the prior year.
Adjusted EBITDA loss fell to just $2 million, down from $81 million loss in the previous year.
The company’s operating cash flow jumped by $131 million to $137 million from the previous year.
Snapchat Daily Active Users gained 22% year over year to hit 280 million.
The company projects a revenue of between $820-$840 million in Q2 2021, up from $454 million in the second quarter of last year.
Adjusted EBITDA is projected to be between a loss of $20 million and breakeven, down from a loss of $96 million in the second quarter of last year.Snap Inc. stock is currently gaining. SNAP: NYSE is up 4.50% on premarket.
