Snap (NYSE:SNAP) reported quarterly earnings of $0.01 per share which beat the analyst consensus estimate of $(0.01) .
The company reported quarterly sales of $988.61 million which missed the analyst consensus estimate of $1.01 billion by 2.12 percent.
“Our community continues to grow, reaching 383 million daily active users in Q1, and we are working to deepen engagement with our content platform while building innovative new features and services like My AI,” said Evan Spiegel, CEO. “We are working to accelerate our revenue growth and we are using this opportunity to make significant improvements to our advertising platform to help drive increased return on investment for our advertising partners.”
Q1 2023 Financial Summary
•Revenue was $989 million, compared to $1,063 million in the prior year.
•Net loss was $329 million, compared to $360 million in the prior year.
•Adjusted EBITDA was $1 million, compared to $64 million in the prior year.
•Operating cash flow was $151 million, compared to $127 million in the prior year.
•Free Cash Flow was $103 million, compared to $106 million in the prior year.