Snap revenue rises 5%, misses Wall Street expectations

February 08, 2024

Despite this growth, the figure fell slightly below Wall Street analysts’ forecasts, who had anticipated $1.38 billion for Snapchat’s parent company. Evan Spiegel, Snap CEO, said the decision was “painful” but “necessary to achieve our long-term goals.”Ad strategy change. This shift initially led to lower sales in the first half of the year, according to Spiegel, but will benefit Snap’s advertising business in the long run. Fourth quarter revenue increased 5% year-over-year to $1,361 million. Following a performance below Wall Street expectations, Snapchat may present a unique opportunity for advertisers this quarter.

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