Snapchat Lost $2.2 Billion Last Quarter, Stock Drops 23%
Snap’s total quarterly losses rose to a whopping $2.2 billion last quarter, up from $104 million in the first quarter last year. Most of that cost was a $2 billion one time stock-based compensation cost related to the IPO.
Even taking that into account, however, Snap’s losses nearly doubled in the first quarter of this year compared to the same quarter last year.
On a positive note, Snapchat added 8 million new users last quarter.