Snap reports first-quarter revenue up 38%
Snap Inc. announced first-quarter revenue increased 38% to $1,063 million, compared to the prior year for the quarter ended March 31, 2022. Net loss was $360 million, compared to $287 million in the prior year.
For next year, revenue growth year-over-year is estimated to be between 20% and 25%.
“Our first-quarter results reflect the underlying momentum in our business through a challenging operating environment, as we grew our community 18% year-over-year to reach 332 million, and grew our revenue 38% year-over-year to reach $1.06 billion for the quarter,” said Evan Spiegel, CEO. “We remain focused on providing value for our growing community, delivering ROI for our advertising partners, and investing against our enormous opportunity in augmented reality. We’re excited to share many new products and services at our annual Snap Partner Summit next week.”
|
|
Three Months Ended March 31, |
|
|
Percent |
|
||||||
|
|
2022 |
|
|
2021 |
|
|
Change |
|
|||
|
(Unaudited) |
(in thousands, except per share amounts) |
|
|
|
|
|
|||||
|
Revenue |
$ |
1,062,727 |
|
|
$ |
769,584 |
|
|
|
38 |
% |
|
Operating loss |
$ |
(271,527 |
) |
|
$ |
(303,606 |
) |
|
|
11 |
% |
|
Net loss |
$ |
(359,624 |
) |
|
$ |
(286,882 |
) |
|
|
(25 |
)% |
|
Adjusted EBITDA(1) |
$ |
64,468 |
|
|
$ |
(1,709 |
) |
|
|
3872 |
% |
|
Net cash provided by operating activities |
$ |
127,459 |
|
|
$ |
136,886 |
|
|
|
(7 |
)% |
|
Free Cash Flow(2) |
$ |
106,284 |
|
|
$ |
126,035 |
|
|
|
(16 |
)% |
|
Diluted net loss per share attributable to common stockholders |
$ |
(0.22 |
) |
|
$ |
(0.19 |
) |
|
|
(16 |
)% |
|
Non-GAAP diluted net (loss) income per share(3) |
$ |
(0.02 |
) |
|
$ |
0.00 |
|
|
|
(1528 |
)% |
|
Common shares outstanding plus shares underlying stock-based awards |
|
1,707,629 |
|
|
|
1,629,191 |
|
|
|
5 |
% |
Q1 2022 summary and key highlights
- DAUs were 332 million in Q1 2022, an increase of 52 million, or 18%, year-over-year.
- DAUs increased sequentially and year-over-year in each North America, Europe, and the Rest of World.
- More than 250 million Snapchatters engaged with augmented reality every day on average.
- Snapchatters engaged with Valentine’s Day Lenses over 9 billion times, which is more than twice as much as last year.
- Snapchatters played with Lenses created by our community more than twice as much compared with Q1 2021.
- The company launched custom Landmarkers in Lens Studio, allowing creators to build location-based Lenses to anchor Lenses to local places they care about–from statues to storefronts–to tell richer stories about their communities through AR.
- Total daily time spent by Snapchatters aged 25 and older engaging with shows and publisher content increased by more than 25% year-over-year.
- Snap expanded its global content offering by partnering with News UK, TF1 and Le Monde in France, and MBC and Al Arabiya in the Middle East.
- Snap recently announced Dynamic Stories, a new Discover format allowing publishers to automatically create Stories based on news they publish online to help Snapchatters learn about the world as it happens–early partners include GQ, Vogue, CNN, ESPN, and The Wall Street Journal.
Expanded product and partner ecosystem:
- In Q1 2022, Snapchatters opened Places from the Snap Map more than twice as much as Q1 2021.
- Snap released Live Location, a new safety feature for our Snap Map that allows users to share their precise location with a chosen list of friends and family for a specified duration.
- Snap added several new features to our Communications platform, including Chat Replies, Bitmoji Reactions, and Poll Stickers.
- Snap partnered with Discover publisher Wave Sports + Entertainment to launch their Gym Heroes Mini, a social fitness experience on Snapchat that offers original daily fitness challenges and full workouts curated by experts.
- Snap introduced Outfit Sharing, making it easier for Snapchatters to share their Bitmoji outfits with friends directly from their Profile.