Snap Inc Q3 results shows revenue increase of 6% YoY to $1.8bn

Andrew Banks

October 21, 2022 10:39

Snap Inc. today posted financial results for the quarter that ended 30 September 2022, showing revenue increased 6% to US$1.128 billion (A$1.797 million), compared to the prior year, and a net loss of $360 million, including restructuring charges of US$155 million (A$183 million), compared to US$72 million (A$114 million) in the prior year.

Snap Inc CEO, Evan Speigel, said: “This quarter we took action to further focus our business on our three strategic priorities: growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality.

“The growth of our community to 363 million daily active users, an increase of 19% year-on-year, continues to expand our long-term opportunity as we navigate this volatile macroeconomic environment.”

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Andrew Banks

Andrew is an editor and journalist with over 27 years' experience, working across publications including news.com.au, The Sunday Telegraph and The Australian newspaper.

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1 COMMENTS

Edward 21 Oct 22

Share price down another 27% overnight? So from over $80 to $8 in a few months? In what world can senior management, who are overseeing this historic loss of shareholder, value keep their jobs?

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