Summary by Moomoo AI
On April 25, 2024, Snap Inc. released its financial results for the first quarter of the year, ending March 31, 2024. The company reported a 21% increase in revenue year-over-year, reaching $1,195 million. Daily Active Users (DAUs) also saw a rise of 10% compared to the previous year, totaling 422 million. Despite these gains, Snap Inc. experienced a net loss of $305 million, which was a slight improvement from the $329 million loss in the prior year. Adjusted EBITDA was reported at $46 million, a significant increase from just $1 million the previous year. Operating cash flow and Free Cash Flow were $88 million and $38 million, respectively, both showing a decrease from the prior year. The company's CEO, Evan Spiegel, attributed the improved financial performance to the value provided to...Show More