Summary by Moomoo AI
Snap Inc reported its first quarter 2024 financial results, revealing a 21% year-over-year increase in revenue to $1,194.8 million, up from $988.6 million in Q1 2023. Daily Active Users (DAUs) grew by 10% to 422 million, and Average Revenue per User (ARPU) rose to $2.83 from $2.58 in the previous year. Despite these gains, the company experienced a net loss of $305.1 million, an improvement from a net loss of $328.7 million in Q1 2023. Diluted net loss per share also improved slightly to $(0.19) from $(0.21). Adjusted EBITDA showed a significant increase to $45.7 million from just $0.8 million in the prior year. The company's cash position remained strong with $2.9 billion in cash, cash equivalents, and marketable securities as of March 31, 2024. Snap Inc's business development focused on strategic reprioritization, emphasizing community growth, revenue...Show More