d b a
Published on: Wednesday, February 7, 2024 – 7:18 AM | Last updated: Wednesday, February 7, 2024 – 7:18 AM
Shares of the company that owns the instant messaging application “Snapchat” fell by more than 31% after trading hours on Tuesday, as “Snapc” announced its results for the fourth quarter and the full year 2023.
The results fell short of analysts’ revenue expectations and shocked investors with surprisingly high loss expectations for the current quarter.
Fourth-quarter revenues increased by 5% year-on-year to reach $1.36 billion.
Analysts expected $1.38 billion on average. The final result was a loss of about $248 million in the quarter, after a loss of $288.5 million in the previous year.
For the current quarter, Snap expects revenues between $1.095 billion and $1.135 billion. The company expects an EBIT loss of between $55 million and $95 million.
At the same time, the number of daily users is expected to rise from 414 million to 420 million.
2024-02-07 05:18:57
#Shares #company #owns #Snapchat #fell
