Snapchat's losses soar, user numbers not so much
Snap (SNAP), the parent company of Snapchat, is seeing steep increases in its losses while sales and user growth continue to disappoint. Its losses for the quarter ballooned to $443 million, a nearly fourfold increase from the same period a year earlier and worse than investors had expected. The messaging service added just seven million new daily active users in the second quarter, also falling short of estimates. It now has 173 million daily users, up from 166 million in the first quarter.