Snap Inc. Shares Fall 15% After Publication Of 2022 Financial Report - Trading Data

Snap Inc. Shares Fall 15% After Publication of 2022 Financial Report - Trading Data

MOSCOW (UrduPoint News / Sputnik - 01st February, 2023) Shares of US social media company Snap Inc., the developer of the Snapchat mobile app, plunged by 14.97% to $11.56 a share on Wednesday in pre-trading following the publication of the firm's 2022 financial report, trading data showed.

In its report, the company said it faced a net loss of almost $300 million in the fourth quarter of 2022.

"Net loss was $288 million, including restructuring charges of $34 million, compared to net income of $23 million in the prior year," the report read.

Meanwhile, Snap's diluted loss per share for the fourth quarter was $0.18 after the previous year's earnings of $0.

01. Adjusted earnings per share for the quarter were $0.14. Unaudited revenue for the quarter rose marginally to $1.3 billion. The number of daily active users (DAUs) grew by 17% year-on-year, to 375 million, according to the report.

The company noted the impact of macroeconomic difficulties in 2022, which would continue in the first quarter of 2023. In the current quarter, the company expects DAUs at 382-384 million, as well as a decrease in revenue by 2-10% in annual terms.

Snap was founded in 2011 and is headquartered in California's Santa Monica. The number of the company's full-time employees at the end of 2022 was 5,288.