Snap, Snapchat’s parent company, had revenue of $1.06 billion in the first quarter, up from $1.03 billion to $1.08 billion in its modest forecasts, but suffered a net loss as changes in Apple’s iOS privacy continues to affect Snap advertising. I agree.
While it achieved net income for the first time since it was reported in the fourth quarter of 2017, Snap posted a net loss of $359.6 million in the most recent quarter. In prepared notes, Snap CFO Derek Anderson attributed the loss to a decline in other income of $100 million a year, primarily due to the $92 million unrealized investment loss that became public in the second half of 2021.
Daily active users reached 332 million, compared to 319 million at the end of 2021 with the latest data. The company said it also noticed an increase in the number of posts sent by Spotlight, Snapchat’s competitor TikTok, but did not share updated data on the number of users. .
“The first quarter of 2022 turned out to be more difficult than we had anticipated, and our team was able to make significant progress towards our goals despite increasing instability in the operating environment,” said Evan Spiegel, CEO of Snap, in a note published Thursday. -market. . “While we are pleased with our progress in the macroeconomic environment, we also recognize that we have significant work to do to achieve our long-term potential.”
Moving into the next quarter, Snap didn’t reveal a specific revenue target, as it often does, but predicted revenue growth of 20-25% per year. Anderson said supply chain disruptions, labor shortages, inflation and the “impact of the Ukraine war on input costs, marketing budgets and general economic sentiment” would all have a negative impact on the second quarter.
Snap is expected to launch new products next week at the Partner Summit on April 28. The company will also make its first in-person appearance for NewFronts at the Lincoln Jazz Center on May 3 with Spiegel, commercial director Jeremy Gorman, director of marketing. Kenny Mitchell, Vice President of Sales Peter Naylor, Global Head of Arcadia Resh Sidhu and Director of Original Content Vanessa Guthrie.
Source: Hollywood Reporter
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
