None
EN
Snap beats revenue estimates on ad boost from World Cup
['Jaspreet Singh', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
By Jaspreet SinghAug 3 (Reuters) - Snap beat second-quarter revenue estimates on Monday, thanks to increased advertising spending during the FIFA World Cup and stronger campaign activity from large advertisers in North America, sending its shares up 13% in extended trading.
"After several quarters of improving our ad products and go-to-market approach, we saw better momentum with large advertisers in North America," CEO Evan Spiegel said.
"The World Cup-related spending contributed during the quarter, alongside continued strength among small- and medium-sized businesses."
It reported nearly a 7% decline in North America DAUs and about a 2% drop in Europe.
Snap expects third-quarter revenue of $1.70 billion to $1.74 billion, with its midpoint slightly above the estimate of $1.70 billion.