Snap’s Earnings in the First Quarter of 2023

Snapchat parent Snap (SNAP) announced about the first quarter earnings after the bell in April 2023. It is due to the missing expectations on revenue, sending shares plunging in more than 20 percent. Amid a steep decline in the advertiser spending that snap has been struggling and this is hammering the company’s earnings.

According to reports, the social media company’s report is stark contrast to the rival Meta company which is beating the expectations by sending high soaring shares. As per the reports by Bloomberg, the important announcement in comparison to the analysts are looking for from the social media company, the revenue is $988 million versus $1 billion as expected. Along with the daily active users ranging up to 383 million versus 383.2 million are expected. The average revenue per user is $2.58 versus $2.62.

As per the information, CEO Evan Spiegal said, the company sir working to accelerate the revenue growth and using the opportunity to make the significant improvements to our advertising platform in order to help on the investment for advertising partners as well.

In June 2022, Snap has also introduced Snapchat+ as the means of boosting the platform’s revenue streams. The reports said, the service costs $3.99 per month. It also provides access to new features as well.