Snap Inc. Publishes First Quarter 2022 Financial Results

Snap's first-quarter loss was bigger than a year ago and more than Wall Street expected. Despite a quarterly loss of $360 million, investors are in no hurry to leave. What's more, the company's sales came in just below Wall Street forecasts. Snap earned $1.06 billion, slightly less than the $1.07 billion forecasts, caused by the decline in the advertising market.

The company reported an 18% increase in daily users for the quarter to 332 million. Snapchat is growing faster than its U.S. competitors Facebook (now Meta) and Twitter. Last quarter, Meta reported its first loss of daily active users (DAUs), while Twitter's monetised daily active users grew only 2% in the U.S. and 15% internationally.

The company has lost more than two-thirds of its market value in the past year. Investors weighed concerns about Snap's ability to handle Apple's privacy policy changes, which have hit all companies that sell digital advertising. This has been a particularly serious problem for Snap, which is primarily a mobile app.