Summary by Moomoo AI
On February 6, 2024, Snap Inc. released its financial results for the fourth quarter and the full year of 2023. The report highlighted a 10% year-over-year increase in daily active users, reaching 414 million. Fourth-quarter revenue rose by 5% compared to the previous year, totaling $1,361 million. The company also reported positive operating cash flow and free cash flow for the quarter, at $165 million and $111 million, respectively. Over the full year, Snap Inc. achieved a net loss of $1,322 million, which was an improvement from the $1,430 million net loss in 2022. The company also marked its fourth consecutive year of positive Adjusted EBITDA, at $162 million for 2023. Snap Inc. has been focusing on diversifying revenue streams, including the growth of Snapchat+, which reached over 7 million subscribers, and...Show More