Snapchat Is Still Burning Money

Snap just reported its financials for the second quarter and its losses have continued to widen. Even though the company behind the Snapchat photo app saw its revenue rise 153 percent on the same period last year to $181.7 million, its losses nearly quadrupled to $443 million. The quarterly losses came to about $0.16 per share, outpacing analysts' expectations of $0.10 per share. The figures triggered a slide in Snap's stock price which fell nearly 13 percent in after hours trading.