Snapchat parent Snap enjoyed a great first quarter
Revenue during the period from January through March 2021 rose a stunning 66% to $770 million topping Wall Street estimates of $743 million. Snap’s net loss came to $286.9 million from $305.9 million during the same quarter last year. The first quarter net loss was 19 cents a share improving slightly from the 21 cents a share of red ink Snap reported during last year’s first quarter.
For the current quarter which ends in June, Snap Chief Financial Officer Derek Andersen says to expect a revenue gain of 80% to 85% with 290 million DAUs. CEO Spiegel said in a statement that “Augmented reality remains one of our biggest opportunities as we look to the future.” Just last month the company purchased Fit Analytics, a company that uses AR to determine virtually if clothes will fit.