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Tech Stock News Bite - Snap Inc. (NYSE: SNAP) Trades Down over 30% Following Quarter and Full Year 2023 Financial Results

 

February 7, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) Tech/Social Media Stock News Bite - Snap Inc. (NYSE: SNAP) announced financial results for the quarter and full year ended December 31, 2023.

The stock is trading at $11.97, down $5.48 (-31.42%) on the news.

"2023 was a pivotal year for Snap, as we transformed our advertising business and continued to expand our global community, reaching 414 million daily active users," said Evan Spiegel, CEO. "Snapchat enhances relationships with friends, family, and the world, and this unique value proposition has provided a strong foundation to build our business for long-term growth."

Annual Financial Summary

Revenue was $4,606 million in 2023, compared to $4,602 million in 2022.

Net loss was $1,322 million in 2023, compared to $1,430 million in 2022.

Fourth consecutive year of positive Adjusted EBITDA at $162 million in 2023.

Third consecutive year of positive operating cash flow at $247 million in 2023.

Third consecutive year of positive Free Cash Flow at $35 million in 2023.

Q4 2023 Financial Summary

Revenue was $1,361 million, compared to $1,300 million in the prior year, an increase of 5% year-over-year.

Net loss was $248 million, compared to $288 million in the prior year.

Adjusted EBITDA was $159 million, compared to $233 million in the prior year.

Operating cash flow was $165 million, compared to $125 million in the prior year.

Free Cash Flow was $111 million, compared to $78 million in the prior year.

Read the company’s full news and disclaimer here:

https://investor.snap.com/news/news-details/2024/Snap-Inc.-Announces-Fourth-Quarter-and-Full-Year-2023-Financial-Results/default.aspx

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