Company news: Snap (SNAP) posts surprise quarterly profit

Snap (SNAP) reported Q4 FY2023 earnings of $0.08 per share (versus $0.14 per share in Q4 FY2022), better than analysts’ consensus estimate of ($0.17) per share.

The company’s quarterly revenues amounted to $1.361 bln (+4.7% y/y), missing analysts’ consensus estimate of $1.381 bln.

The company reported its daily active users (DAU) increased 10% y/y to 414 million in Q4 FY2023, better than its prior forecast of 410-412 mln.

Snap also issued in-line guidance for Q1 FY2024, seeing revenues of $1.095-$1.135 bln versus analysts’ consensus estimate of $1.12 bln, and forecast DAU of approximately 420 million.

SNAP fell to $11.79 (-32.24%) in pre-market trading.