April 26, 2024 - $Snap Inc (SNAP.US)$ shares surged 25.44% to $14.30 in pre-market trading on Friday.
On April 25, 2024, Snap Inc. announced financial results for the quarter ended March 31, 2024.
Q1 2024 Financial Summary:
Revenue was $1,195 million, compared to $989 million in the prior year, an increase of 21% year-over-year.
Net loss was $305 million, compared to $329 million in the prior year.
Adjusted EBITDA was $46 million, compared to $1 million in the prior year.
Operating cash flow was $88 million, compared to $151 million in the prior year.
Free Cash Flow was $38 million, compared to $103 million in the prior year.
First-Quarter Highlights:
DAUs were 422 million in Q1 2024, an increase of 39 million, or 10%, year-over-year.
Snapchat+ subscribers more than tripled year-over-year, surpassing 9 million subscribers in Q1.
The number of small and medium sized advertisers on Snapchat increased 85% year-over-year.
Snap announced partnerships with Traackr, Lumen Research, OMD, Amplified Intelligence, and Fospha to empower advertisers with more campaign tools and insights.
Q2 2024 Outlook
As the company enter Q2, Snap anticipate continued growth of global community, and as a result, Q2 guidance is built on the assumption that DAU will be approximately 431 million in Q2. The company are focused on executing against our roadmap to deliver improvements to DR advertising platform to drive improved results for our advertising partners and accelerate topline growth. Q2 guidance range for revenue is $1,225 million to $1,255 million, implying year-over-year revenue growth of 15% to 18%. Given the revenue range above, and Snap's investment plans for the quarter ahead, Snap estimates that Adjusted EBITDA will be between $15 million and $45 million in Q2.
Source: Press Release
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