Snap Inc. reported on Thursday that its revenue jumped by 21% year over year to land at $1.2 billion during the first quarter of fiscal 2024, surpassing market estimates. The number of daily active users (DAU) increased by 10% year-over-year to hit 422 million.
Operating loss stood at $233 million as opposed to the $365 million registered during the corresponding quarter a year before, while its net loss stood at $305 million in contrast to $329 million in 2023. Diluted net loss per share attributable to common stockholders came in at $0.19 after standing at $0.21 last year. While adjusted EBITDA clocked in at $46 million in the first three months, compared to $1 million in 2023, the California-based tech firm projected an adjusted EBITDA between $15 million to $45 million in the second quarter.
The company's stock skyrocketed 27.28% to sell at $11.40 apiece in the extended trading following the earnings report release.
