Snapchat’s parent continues to reel from a pullback in ad spending, with Snap posting $1.3 billion revenue for the fourth quarter of 2022 — up just 0.1% year-over-year, its lowest quart…
posting $1.3 billion revenue for the fourth quarter of 2022 — up just 0.1% year-over-year, its lowest quarterly growth as a public company.
Snap reported revenue of $1.30 billion, essentially flat compared with Q4 of 2021. The company posted a net loss of $288.5 million for the quarter, which included restructuring charges of $34 million, compared with net income of $23 million in the prior year. The results translated into adjusted earnings per share of 14 cents. Wall Street analysts on average expected Snap to post revenue of $1.3 billion and adjusted EPS of 11 cents, according to Refinitiv.
The company did not provide specific guidance for Q1 revenue or adjusted earnings, citing “uncertainties related to the operating environment.” However, in its letter to shareholders, Snap said its internal forecast assumes revenue for the current quarter will be down 2%-10% versus Q1 2022. Through Jan. 31, “we’ve observed a year-over-year decline in revenue of approximately 7% quarter-to-date,” the company said.
Meanwhile, Snapchat continued to grow its user base: In Q4, the app’s average daily active users hit 375 million, up 12 million sequentially from 363 million in the previous quarter .
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