Snap Revenue Beats on Mobile-Ad Demand; Alwaleed Takes Stake - Bloomberg:
Snap Inc.’s second-quarter revenue topped analyst projections, signaling a pickup in demand for mobile advertising even as a controversial redesign of the Snapchat mobile app continued to hinder user growth.
Separately, Saudi billionaire Prince Alwaleed Bin Talal said he invested $250 million for a 2.3 percent stake in the social-media company. Snap shares jumped as much as 14 percent following the announcements.
Sales climbed 44 percent from a year earlier to $262.3 million, Snap said Tuesday in a statement. That exceeded the $249.8 million average analyst estimate. Though daily average users declined from the prior period for the first time ever, the Los Angeles-based company noted that monthly users -- a number it has never reported -- are still growing.
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