Snap said daily active users hit 319 million, up by 54 million or 20% for the fourth quarter from the year before. It beat on revenue and profit and had a better than expected outlook in sales and users.
The shares surged in after-hours trading in a crazy day for social media stocks.Snap shares plunged 24% earlier today in a rout led by Facebook parent Meta and Spotify.
Facebook is in the midst of an historic correction on slower user growth on its core platform and a confused outlook at it invests heavily to pivots to the little-understood metaverse.
But FB execs noted issues that also apply to Snap — namely new privacy settings by Apple that are hurting ad revenue. Google parent Alphabet earlier this week bucked the streaming/social media slowdown with stellar fourth quarter numbers and Wall Street was waiting today to see if Snap would pull a Facebook, or a Google – it did the latter.“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community,” said Evan Spiegel, CEO. “The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera.”MORENew and returning series on broadcast, cable and streamingSeries that made it or didn’t make it in 2020-21Broadcast networks’ fall lineups and schedules
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