SNAP Interactive, Inc., a leading provider of online dating applications for social networking websites, today announced its operating results for the quarter ended June 30, 2009. Revenues for the quarter totaled $784,242, as compared to $533,257 in Q2 2008, a 47% year-over-year increase. Net income for the three months ended June 30, 2009 was $46,430 versus net income of $144,862 for the three months ended June 30, 2008, a 68% decrease.
“We are excited to report our sixth consecutive quarter of operational profit,” stated SNAP President & CEO Clifford Lerner. “We were able to maintain profitability while continuing to focus on growing the company and expanding our products and user base. Development continued on our new website, AreYouInterested.com, as well as the Are You Interested iPhone app for mobile dating and we remain optimistic that both of these products will play a major role in the company going forward. In Q2 we continued to experience declining advertising payouts and intend to aggressively pursue other potential means of monetization in order to offset this in the upcoming quarters.”
The companyâ€™s revenues are mainly generated from advertisements and premium features placed on its various applications. The reason given for the decrease in net income was due to the provision for income taxes which were not paid during the same periods last year as a result of a Net Operating Loss carry-forward from previous quarters.