Snap's 2nd quarter 2019 results topped expectations. Revenue increased 48% to $388m from $262m in Q2 2018. Expenses saw significant declines as a percentage of revenue, and Snap's loss per share decreased from $-0.27 a year ago to $-0.19 this quarter. Most importantly however, Snap reported new all time high in global daily active users of 203 million with global user growth of 8%. Snap is on the verge of profitability, but has not yet proven that this return to user growth is sustainable. I need to see multiple quarters of solid user growth before going long this stock.

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