Snap pops more than 16% on earnings beat and user growth
Summary
This was due to the mobile operating system update rolling out later than expected, iOS users being slow to update their devices and Snap observing "higher opt-in rates than we are seeing reported generally across the industry, which we believe is due in part to the trust our community has in our products and our business," Jeremi Gorman, Snaps chief business officer, said in her prepared remarks. "This has given us more time with advertisers to navigate the transition but also means the effects of these changes will come later than we initially expected," Gorman said. That figure is up more than 23% compared with the 238 million daily users the company reported a year prior. Snap expects to reach approximately 301 million DAUs in the third quarter, the company said in its prepared remarks. "This range reflects our best current estimate of the potential impact of anticipated disruptions associated with the iOS platform changes," Snap Chief Financial Officer Derek Andersen said in his prepared remarks.