Snap Inc. reported on Tuesday that its revenue soared by 15% on an annual basis to stand at $1.4 billion in the third quarter of fiscal 2024. The number of daily active users (DAU) jumped by 9% year-on-year to reach 443 million.
Operating loss was $173 million, compared to $380 million in the same quarter in the previous year, while the net loss stood at $153 million, as opposed to $368 million in 2023. Diluted net loss per share attributable to common stockholders was $0.09 in the third quarter, compared to $0.23 in the prior year. Adjusted EBITDA reached $132 million, compared to $40 million in the previous year. The American tech company projected an adjusted EBITDA between $210 million to $260 million in the fourth quarter.
Snap also announced today its board of directors authorized a repurchase of up to $500 million in Class A common stock. The company's shares climbed by 3.86% in the after-hours trading and sold for $10.89 at 4:27 pm ET.
