Snap reports fourth-quarter revenue up 44%
Snap Inc. announced financial results for the quarter and full-year ended Dec. 31, 2019. Revenue increased 44% to $561 million in Q4 2019, compared to the prior year, but the net loss increased $49 million to $(241) million in Q4 2019, compared to the prior year. The company said adjusted EBITDA improved $93 million to $42 million in Q4 2019, compared to the prior year.
“In 2019 we saw momentum across the board. We grew our community by 31 million daily active users, accelerated our revenue growth, and progressed towards profitability by improving full-year Adjusted EBITDA by 65% year-over-year,” said Evan Spiegel, CEO. “The strength in our core business gives us confidence in our long term growth and profitability and we’re excited to build on these results in 2020 and beyond.”
|
|
Three Months Ended |
|
|
Percent |
|
|
Twelve Months Ended |
|
|
Percent |
|
||||||||||||
|
|
2019 |
|
|
2018 |
|
|
Change |
|
|
2019 |
|
|
2018 |
|
|
Change |
|
||||||
|
(Unaudited) |
(in thousands, except per share amounts) |
|
|||||||||||||||||||||
|
Cash used in operating activities |
$ |
(66,842 |
) |
|
$ |
(126,054 |
) |
|
|
(47 |
)% |
|
$ |
(304,958 |
) |
|
$ |
(689,924 |
) |
|
|
(56 |
)% |
|
Free Cash Flow |
$ |
(75,935 |
) |
|
$ |
(148,795 |
) |
|
|
49 |
% |
|
$ |
(341,436 |
) |
|
$ |
(810,166 |
) |
|
|
58 |
% |
|
Common shares outstanding plus shares underlying stock-based awards |
|
1,576,035 |
|
|
|
1,506,623 |
|
|
|
5 |
% |
|
|
1,576,035 |
|
|
|
1,506,623 |
|
|
|
5 |
% |
|
Operating loss |
$ |
(253,596 |
) |
|
$ |
(194,707 |
) |
|
|
30 |
% |
|
$ |
(1,103,328 |
) |
|
$ |
(1,268,450 |
) |
|
|
(13 |
)% |
|
Revenue |
$ |
560,888 |
|
|
$ |
389,822 |
|
|
|
44 |
% |
|
$ |
1,715,534 |
|
|
$ |
1,180,446 |
|
|
|
45 |
% |
|
Net loss(1) |
$ |
(240,704 |
) |
|
$ |
(191,668 |
) |
|
|
26 |
% |
|
$ |
(1,033,660 |
) |
|
$ |
(1,255,911 |
) |
|
|
(18 |
)% |
|
Adjusted EBITDA |
$ |
42,307 |
|
|
$ |
(50,363 |
) |
|
|
184 |
% |
|
$ |
(202,230 |
) |
|
$ |
(575,637 |
) |
|
|
65 |
% |
|
Diluted net loss per share attributable to common stockholders |
$ |
(0.17 |
) |
|
$ |
(0.14 |
) |
|
|
21 |
% |
|
$ |
(0.75 |
) |
|
$ |
(0.97 |
) |
|
|
(23 |
)% |
|
Non-GAAP diluted net income (loss) per share |
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
|
175 |
% |
|
$ |
(0.16 |
) |
|
$ |
(0.47 |
) |
|
|
66 |
% |
(1) Net loss for the three and twelve months ended December 31, 2019 includes $100 million of non-recurring legal charges. See page 10 for reconciliation of net loss to Adjusted EBITDA.
In other Snap news, the company made the following announcements regarding camera and AR platforms:
- More than 75% of the Snapchat community engages with augmented reality every day on average.
- At the end of Q4 2019, more than 735,000 Lenses had been created through Lens Studio, up from more than 600,000 at the end of Q3 2019.
- Lenses made by othe community via Lens Studio now make up more than 20% of the total Snaps sent every day with a Lens.