Snap Q1 Sales Fall 7% as Snapchat Users Tick Up to 383 Million, Stock Plummets
variety.comTodd Spangler NY Digital Editor Snap, still wrestling with an unpredictable advertising environment, reported first-quarter 2023 revenue that slightly undershot Wall Street expectations even as Snapchat’s user growth continued upward.
The company said was not providing formal guidance for revenue or adjusted earnings for the second quarter of 2023. The Snapchat parent company’s Q1 revenue was $989 million, a decline of 7%.
It posted a net loss of $329 million (versus $360 million in the year-earlier quarter), translating to an adjusted net loss of 1 cent per share.
Shares of Snap dropped more than 19% in after-hours trading on the results. Wall Street analysts on average expected $1.01 billion in revenue and an adjusted loss of 1 cent per share, according to Refinitiv.
Read more on variety.com