Snap sees Q3 revenue $1.475B-$1.505B, consensus $1.48B

The company states: “As we enter Q3, we anticipate continued growth of our global community, and as a result, our Q3 guidance is built on the assumption that DAU will be approximately 476 million in Q3. Our Q3 guidance range for revenue is $1.475 billion to $1.505 billion. We believe it is prudent to continue to balance our level of investment with realized revenue growth, and are updating our full year cost structure guidance to reflect our current investment plans. For Infrastructure costs per DAU, we maintain our full year guidance range of $0.82 to $0.87 per quarter, and anticipate we will be in the top half of this range in Q3 as we continue to prioritize investments in ML and AI infrastructure to drive improvements in our ad platform and depth of content engagement. For all other cost of revenue we maintain our full year cost guidance at 19% to 20% of revenue, and anticipate we will be within this range in Q3. For Adjusted Operating Expenses, we are maintaining our range of $2.650 to $2.700 billion. For stock based compensation we are lowering our full year cost guidance from the prior range of $1.130 billion to $1.160 billion, to a new range of $1.10 billion to $1.13 billion, which implies a $30 million reduction at the midpoint. Given our updated full year cost guidance, and our investment plans for Q3, we estimate that Adjusted EBITDA will be between $110 million and $135 million in Q3. Moving forward, we will remain focused on executing against our strategic priorities of growing our community and improving depth of engagement, driving top line revenue growth and diversifying our revenue sources, and building towards our long term vision for augmented reality.”