Snap Inc. sees 38% revenue increase in Q1 2022 results
Snap Inc. (NYSE: SNAP) today released its financial results for the quarter ended 31 March, 2022.
The Q1 2022 financial highlights showed that revenue increased 38% to US$1,063 million (A$ 1.44 million), compared to the prior year.
Net loss was US$360 million (A$489 million), compared to US$287 million (A$389 million) in the prior year.
Adjusted EBITDA was $64 million (A$87 million), compared to US$2 million (A$2.7 million) in the prior year.
Operating cash flow was US$127 million (A$172 million), compared to US$137 million (A$186 million) in the prior year.
Free Cash Flow was US$106 million (A$144 million), compared to US$126 million (A$177 million) in the prior year.
Snap Inc. Q1 2022 revenue results
Snap Inc. CEO, Evan Spiegel, said: “Our first quarter results reflect the underlying momentum in our business through a challenging operating environment, as we grew our community 18% year-over-year to reach 332 million, and grew our revenue 38% year-over-year to reach $1.06 billion for the quarter.
“We remain focused on providing value for our growing community, delivering ROI for our advertising partners, and investing against our enormous opportunity in augmented reality. We’re excited to share many new products and services at our annual Snap Partner Summit next week.”
Looking ahead at the Q2 2022 forecast, Snap Inc’s revenue growth year-on-year is estimated to be between 20% and 25%.
Adjusted EBITDA is estimated to be between breakeven and US$50 million (A$67 million).
Snap Inc. currently trades at US$29.42 (A$40) as of 22 April 2022, and has a market capitalisation of USS47.786 billion (A$64.942 billion).
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