One day after announcing plans to reduce its workforce by 10 percent, Snap Inc. reported fourth-quarter 2023 earnings that mostly beat Wall Street expectations.
The tech company, led by CEO Evan Spiegel, reported revenue of $1.36 billion in Q4, up 5 percent compared to the same quarter last year. It also reported a net loss of $248 million in the quarter, compared to $288 million a year earlier.
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Daily active users were 414 million, and the company says that its AI-powered subscription service Snapchat+ now has 7 million subscribers.
“2023 was a pivotal year for Snap, as we transformed our advertising business and continued to expand our global community, reaching 414 million daily active users,” said Spiegel in a statement. “Snapchat enhances relationships with friends, family, and the world, and this unique value proposition has provided a strong foundation to build our business for long-term growth.”
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