Snap Inc. (SNAP) saw a decrease of 21.53% in the aftermarket because the company released third-quarter 2021 financial results. However, the last trading session concluded at $75.11 with a decrease of 0.71%.
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Third Quarter 2021 Financial Results
SNAP reported third-quarter 2021 financial results on 21st October 2021. According to the report:
- The revenue grew by 57 percent to $1,067 million, compared to the previous year.
- The net loss improved by 64% to $(72) million, compared to the previous year.
- Moreover, adjusted EBITDA increased by 209% to $174 million, compared to the previous year.
- The operating cash flow was $72 million, up from $(55) million the previous year.
- However, the Free Cash Flow was $52 million, compared to $(70) million the previous year.
- There were 1,698 million common shares outstanding including shares underlying stock-based awards, compared to 1,624 million a year earlier.
As the company increased its community to 306 million daily active users and grew the revenue 57 percent year-over-year to reach $1.067 billion for the quarter. The company is enthusiastic about the long-term prospect and potential for the business. They have reached the size required to manage substantial headwinds, such as changes to the iOS platform. The company is focusing on providing excellent results for the advertising partners while also innovating to improve their platform’s capabilities and serve their community better.
Snap Inc. and Google Partner to Bring “Quick Tap to Snap” to Pixel 6
On 19th October 2021, SNAP announced that Google added a new feature on the Pixel 6 dubbed “Quick Tap to Snap” during the Pixel Fall Launch event. This feature will be available later this year. This collaboration with Google is the first time Snap has built a camera-mode version of Snapchat that can be accessed right from the lock screen of a phone. This will make the Pixel 6 the fastest phone to make a Snap. This quick and easy motion of touching the back of the phone will assist Snapchatters in rapidly capturing moments before they vanish.
Snapchatters may produce Snaps without having to unlock their device since it is designed to go into “Camera Only” mode on the lock screen. Snapchatters may unlock the full app experience by authenticating on their smartphone once a Snap is ready to share. Last but not least, the ultrawide camera on the Pixel 6 Pro can also be used for Snapchat’s new ultrawide selfie function.