Why Snap Inc. Stock Is Setting A New Streak Higher

Snap Inc. SNAP shares are trading higher Monday after The Verge reported the company's internal goals for 2024.

The Details:

The Verge reported details of an internal company letter from Snap CEO Evan Spiegel to employees outlining the company's goals for 2024.  

Here are the figures listed as Snap's internal goals for 2024:

"Grow Community and Engagement

• 475+ Million Daily Active Users in Q4 '24
• Grow Content Viewers to 80% of DAU
• Grow Content View Time per Viewer +15% in the US and Globally

Grow Revenue and Earnings

• +20% YoY Full Year Ads Revenue Growth 
• 14 Million Snapchat+ Subscribers by EoY and $500 million in non-Ads Revenue
• $500 million of Adj. EBITDA and Positive Free Cash Flow

Lead in Augmented Reality

• Grow Lens Unique Users to 75% of DAU 
• Grow Lens Actions (Save, Post, Send, or Play >6s) +10% per User
• Leverage Generative AI to Transform Lenses and Content Creation"

Snap Inc. is set to report its third-quarter financial results after the market close on Oct. 24. According to estimates from Benzinga Pro, Snap Inc. is expected to report losses of 4 cents per share and quarterly revenue of $1.11 billion. 

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SNAP Price Action: According to Benzinga Pro, Snap Inc. shares are up 11% at $9.65 at the time of publication.

Image: MrJayW from Pixabay