Strong earnings boosted the net worths of Evan Spiegel and Bobby Murphy—and Mark Zuckerberg.
Now trading at a record high, Snap’s stock reflects the strong quarterly results that Spiegel delivered to investors on Thursday. Revenue from April to June reached a company-best $982 million, more than double the same period in 2020. Snap also cut its net losses by more than half from the same quarter in 2020, to $152 million from $326 million, while increasing its user base by 23% to 293 million people.thanks in part to an emphasis on augmented reality .
Today, it brands itself as a “camera company” and says that more than 200 million users use its AR features—which often involve camera filters that distort a person’s face or a feature in the environment—on a daily basis. The next step for the tech: allowing users to shop virtually through Snapchat, using AR to try on a piece of clothing.
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