Todd Spangler NY Digital Editor Snap, parent company of Snapchat, turned in better results than Wall Street expected for the third quarter of 2023, as the company touted improvements to its ad platform.
Overall, Snap posted Q3 revenue of $1.19 billion, an increase of 5%, and a net loss of $368 million (or 23 cents per share).
Analyst consensus estimates for the company were $1.11 billion in revenue and a net loss of 24 cents per share, according to FactSet.
Snapchat gained 9 million daily users in the period, to stand at an average of 406 million. That was in line with Wall Street’s projection of 405.8 million daily active users for the app, per FactSet. “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,” CEO Evan Spiegel said in a statement. “We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success.” For Q4, the company told investors it expects revenue to be $1.32 billion-$1.375 billion, implying year-over-year revenue growth of approximately 2% to 6%.
Read more on variety.com