Snap Inc. reported on Tuesday that its revenue improved by 5% year over year to land at $1.4 billion during the closing quarter of fiscal 2023. The figure was slightly lower than market estimates. The number of daily active users jumped by 10% year-over-year to hit 414 million in the final trimester.
Operating loss stood at $249 million as opposed to the $287 million registered during the corresponding quarter a year before, while its net loss stood at $248 million in contrast to $288 million in 2022. Diluted net loss per share attributable to common stockholders came in at $0.15 after standing at $0.18 last year. For the entire year, Snap booked $4.6 billion in revenue, standing 0.08% above the figure registered in 2022. The California-based tech firm projected an adjusted EBITDA loss between $55 million to $95 million in the opening quarter of fiscal 2024, which is more than analysts forecasted.
The company's stock was down 20.46% in the extended trading following the earnings report release.
