SANTA MONICA, Calif. (AP) _ Snap Inc. (SNAP) on Tuesday reported a loss of $326 million in its second quarter.
The Santa Monica, California-based company said it had a loss of 23 cents per share. Losses, adjusted for stock option expense and amortization costs, came to 9 cents per share.
The results met Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was also for a loss of 9 cents per share.
The company behind Snapchat posted revenue of $454.2 million in the period, beating Street forecasts. Eight analysts surveyed by Zacks expected $447.6 million.
Snap shares have risen 52% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $24.79, a climb of 75% in the last 12 months.