Snap Inc SNAP reported first-quarter revenue growth of 38% year-over-year to $1.06 billion, missing the consensus of $1.07 billion. Adjusted EPS was $(0.02), missing the consensus of $0.01.
SNAP’s daily active users increased 18% Y/Y to 332 million. ARPU was $3.20, an increase of 17% Y/Y. The user growth dipped below 20%.
Snap reported an operating loss of $(271.53) million versus a loss of $(303.61) million a year ago.
The company’s operating cash flow was $127 million, and free cash flow was $106 million for Q1, compared to $137 million and $126 million in 1Q21. Adjusted EBITDA was $64 million, compared to a negative $(2) million in the prior year.
Snap states that over 250 million Snapchatters engage with augmented reality every day on average. It observed a 350% increase in the number of Spotlight submissions using creative tools or Lenses compared with Q1 2021
2Q22 Outlook: Snap expects year-over-year revenue growth of 20% and 25% vs. 28% consensus; and Adjusted EBITDA between breakeven and $50 million.
Volatile Trading: Snap shares have seen an extremely volatile trading session, with the stock down 16% at one point and up 6% a few minutes later.
Price Action: SNAP shares are trading higher by 6.80% at $31.40 during the post-market session on Thursday.
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