Snap Inc posts Q1 results that missed Wall Street estimates and expects disappointing revenue growth in the current quarter, according to a press release by Snap on Thursday.
- The company’s total revenues came in at $1.06 billion compared to an estimate of $1.07 billion and a loss of 2 cents per share compared to an estimate of earning per share of 1 cent.
- Meanwhile, daily users expanded 18% yearly, more than anticipated. Global daily active users were at 332 million compared to an estimate of 330 million.
- Evan Spiegal, CEO of Snap, stated that the first quarter of 2022 was more challenging than expected, citing macroeconomic conditions, including advertisers who halted their campaigns after the Ukraine war.
- The company stated it estimates adjusted EBITDA to fall between breakeven and $50 million in the second quarter.
The company stated that without the absence of a $92M unrealized loss related to an investment it initially made that went public last year, net income would have improved by 7% YoY. SNAP up +0.48%, FB up +0.96%, pre-market trading