Snap's Revenue Surpasses Expectations

Snap Inc., the company behind the Snapchat app, reported that its revenues rose more than expected in the first quarter of the year to approximately $1.2 billion, reflecting a 21% year-over-year increase. However, the teen social network is struggling to attract advertisers. In a statement released on Thursday regarding its financial results, the company noted that its quarterly losses decreased to $305 million in the first quarter, down from $329 million in the same period last year. The company's CEO, Evan Spiegel, was quoted in the statement saying that the "value provided" by the app to the community and its advertising partners has "translated into improved financial performance." He indicated that Snap is becoming "increasingly relevant" to advertisers of all sizes due to its "large and growing audience, which represents a hard-to-reach market," and because of its "brand-safe environment" and "comprehensive advertising solutions."