Early this morning, Snap Inc released the results of 22Q3, and the overall performance was lower than expected. In particular, the company announced that due to the poor market environment, no longer disclose 22Q4 performance forecasts, revenue growth is expected to be basically the same as the third quarter, basically declaring that the era of high growth is over completely. Under the impact of this news, snapper fell 27% directly after the disk, with the collapse of Meta and Google.
1. The overall performance of the company is lower than expected, and the loss is greatly expanded.
22Q3 had revenue of $1.128 billion, while YoY+5.71%, revenue growth accelerated to below Bloomberg's consensus estimate of $1.142 billion. Operating losses expanded significantly, with 22Q3 operating profit of-39 per cent (21Q3 of-17 per cent). 22Q3's net loss was $360 million, including $155 million in restructuring expenses ($72 million in 21Q3). At the same time, the company's research and development costs, management expenses (expected layoff subsidies), and marketing expenses increased by 36.95%, 49.69% and 24.28% respectively compared with the same period last year.
The adjusted diluted EPS excluding equity incentives has exceeded market expectations, but it is of little significance in the face of large net losses and low growth. Adjusted EBITDA also fell sharply from a year earlier, from $174 million in 21Q3 to $73 million.
Free cash flow also fell to $18 million from $52 million at 21Q3.
two。 The number of daily active users is still growing healthily, while ARPU is declining....