Bisina SomtoIn 2023 third quarter, Snapchat has reported revenue of $1.19 billion, reflecting a 5% increase. Despite a net loss of $368 million, equivalent to 23 cents per share, these results exceeded analyst consensus estimates.
FactSet had projected revenue of $1.11 billion and a net loss of 24 cents per share for the company. Following the announcement, Snap’s shares surged more than 5% in after-hours trading.
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A standout achievement for Snapchat during this quarter was its significant growth in daily users, adding 9 million to reach an average of 406 million.
This figure outperformed Wall Street’s projections, which had estimated 405.8 million daily active users for the app, as reported by FactSet.
CEO Evan Spiegel expressed his satisfaction with the performance, stating, “Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted EBITDA as our reprioritized cost structure demonstrated the leverage in our business model.”
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Spiegel also emphasized Snap’s commitment to enhancing its advertising platform, aiming to provide higher returns on investment for its advertising partners. He mentioned that Snap had evolved its go-to-market strategies to better serve partners and drive customer success.
In the wake of these impressive results, Snap announced the retirement of its COO, Jerry Hunter. Having been part of Snap for seven years, Hunter played a crucial role in developing the company’s engineering and business structures.
He will continue to support Snap until July 1, 2024, ensuring a smooth and effective transition, according to the company’s statement.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
She covers a wide range of topics, from celebrity interviews to industry trends and film reviews.
As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
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