Snap Inc. Reports Significant Growth in Revenue and User Base for 1Q24

Friday, 26 April 2024, 13:16

Snap Inc. (NYSE: SNAP) posted impressive first quarter 2024 results, with revenues reaching $1.19 billion, a 21% increase from the previous year. Despite a decrease in net loss to $305 million, the company saw a rise in Daily Active Users (DAUs) by 10% YoY, totaling 422 million. Snap Inc. expects strong growth to continue in the second quarter, projecting an 15-18% revenue increase and a rise in DAUs to approximately 431 million.
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Snap Inc. Reports Significant Growth in Revenue and User Base for 1Q24

Overview

Snap Inc. (NYSE: SNAP) reported revenues of $1.19 billion for the first quarter of 2024, up 21% year-over-year.

Financial Results

  • Net loss was $305 million, or $0.19 per share, compared to $329 million, or $0.21 per share, in the prior year.
  • Adjusted EPS more than doubled YoY to $0.03.

User Base

  1. Daily active users (DAUs) increased 10% YoY to 422 million.

Projections

For the second quarter of 2024, the company expects revenue to grow 15-18% YoY to $1.22-1.25 billion. DAUs are expected to be approx. 431 million.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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