Snap improves third-quarter revenue by 15%
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Snap Inc. reported third-quarter revenue was up 15% year-over-year to $1.373 billion, while the next loss improved more than 50% to $153 million.
“I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,” said Evan Spiegel, CEO. “Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our longterm growth opportunity.”
Snap also announced its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws.
Repurchases under this program will be funded from existing cash and cash equivalents. As of September 30, 2024, Snap had $3.2 billion in cash, cash equivalents, and marketable securities.
Three Months Ended Nine Months Ended
(Unaudited) (NM = Not Meaningful)
Revenue | $ 1,372,574 | $ 1,188,551 | 15 % | $ 3,804,115 | $ 3,244,828 | 17 % | |||
Operating loss | $ (173,210) | $ (380,063) | 54 % | $ (760,417) | $ (1,149,666) | 34 % | |||
Net loss | $ (153,247) | $ (368,256) | 58 % | $ (706,957) | $ (1,074,238) | 34 % | |||
Adjusted EBITDA (1) | $ 131,962 | $ | 40,094 | 229 % | $ 232,598 | $ | 2,428 | NM | |
Net cash provided by (used in) operating activities | $ 115,872 | $ | 12,781 | NM | $ 182,847 | $ | 81,947 | 123 % | |
Free Cash Flow (2) | $ 71,831 | $ | (60,654) | 218 % | $ 36,296 | $ | (76,061) | 148 % | |
Diluted net loss per share attributable to common stockholders | $ (0.09) | $ | (0.23) | 61 % | $ (0.43) | $ | (0.67) | 36 % | |
Non-GAAP diluted net income
(loss) per share (3) |
$ 0.08 | $ | 0.02 | 300 % | $ 0.13 | $ | 0.01 | NM |