Snap Inc., the parent company of SnapChat might be moving towards profitability has company has just released its first-quarter result showing it made deep cuts to losses.
The first quarter net loss was reduced by 80% on a year on year basis to $385 million compared to $2.2 billion net loss in the previous year.
To reach the numbers, Snap carried out major cuts to its expenses. Marketing spend was cut down to $17 million compared to $160 million spent in the year before.
