SNAP Interactive Posts Q2 Financial Results
SNAP Interactive released its second quarter financial results this week.
Highlights of the report include that revenue increased 43.3% compared to the previous year, ending the quarter at $6.2m.
Subscription revenues also increased 48.3% as a result of the completion of the Paltalk merger last October.
Despite this, net loss from operations sat at $1.5m for the quarter ended 30th June 2017.
In addition to this, SNAP’s adjusted EBITDA was a loss of $516k, a 63% loss compared to the same quarter in 2016.
Speaking about the financials, SNAP’s Chief Financial Officer Judy Krandel said: “We anticipate the cost savings associated with phase two of our Merger integration efforts and optimization of our marketing spend, once fully implemented, will allow us to fully fund our Innovation Lab and growth initiatives with cash flow from operations going forward.
“Our objective is to become a more streamlined organization, capable of driving future growth while preserving a strong balance sheet, and we made great progress in that endeavor during the quarter.”
The quarter saw SNAP release new over-50s dating platform 50more in July, following Match Group in launching a product for the senior market this year.
The public dating company also said it has completed work on a new live video chat consumer application, which is expected to be launched commercially in the third quarter of 2017.
SNAP CEO Alex Harrington said: “The second quarter of 2017 placed a big emphasis on strategic investment at SNAP, as we lay a new foundation for growth with several upcoming product launches.
“We see great opportunity in interactive live video as an emerging consumer trend on web and mobile. We intend to leverage the strengths of our core technology platform, which we believe provides us with a competitive advantage.
“We are particularly excited to have substantially completed the development of a new live video chat consumer application and look forward to sharing more details on this exciting product as we approach our full launch.
“Our primary objective on a go-forward basis is to continue growing our platform aggressively, while maintaining a strong balance sheet and operational health.”
Read the full report here.
