Snap falls on revenue miss despite growth
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 7 February 2024
⏱️ 8 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Wednesday, February 7th. I'm Julie Morgan. |
| 0:13.0 | Snap Nosedives. |
| 0:14.8 | Disney is joining forces with Fox and Warner Brothers Discovery, |
| 0:19.0 | and PayPal is in our earnings watch for the day |
| 0:21.8 | with all eyes on guidance and profit margins. |
| 0:26.5 | Snap is down more than 30% in pre-market action following fourth quarter earnings, |
| 0:31.6 | where revenue growth fell short |
| 0:33.6 | though the company beat forecasts on user growth cash flow and |
| 0:37.7 | earnings per share. |
| 0:39.2 | Revenues grew 5% year over year to $1.36 billion. |
| 0:44.0 | But that was short of forecasts for 6.3% growth to 1.38 billion. |
| 0:49.5 | Daily active users outpace expectations for a little under 412 million, growing 10% to 414 million. |
| 0:58.0 | And the company trimmed its net loss for the quarter to $248 million from a year ago, |
| 1:04.0 | 288 million. |
| 1:06.0 | But adjusted Ibarra fell to $159 million from $233 million |
| 1:12.0 | as the company took restructuring charges of more than $22 million for winding |
| 1:16.5 | down its AR enterprise business and $34.3 million in global layoff costs. |
| 1:23.1 | The company is guiding for the first quarter based on the assumption that it will hit |
| 1:27.2 | 420 million daily active users. |
| 1:30.5 | It expects revenues of $1.090 billion to 1.135 billion dollars versus |
| 1:37.1 | forecasts for 1.12 billion. |
... |
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