Snap’s shares drop after latest earnings show a year-on-year loss
In its latest earnings, Snap Inc. posted US$4.6 billion (A$6.5 billion) in yearly revenue for 2022, an increase of 12% compared to the previous year. However, the yearly net loss widened to US$1.4 billion (A$1.9 billion).
The yearly net loss figure included restructuring charges of US$189 million (A$267 million). In the previous year, the net loss was US$488 million (A$691 million).
In its fourth-quarter ending 31 December 2022, the revenue reached US$1.3 billion (A$1.8 billion), in line with forecast. The adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) exceeded expectations and sat at US$233 million (A$330 million), while the forecast was US$200 million (A$283 million).
