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Snap Inc. Announces Third Quarter 2024 Financial Results

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Snap Inc. reported strong Q3 2024 financial results with revenue increasing 15% year-over-year to $1,373 million. Daily Active Users grew 9% to 443 million, while net loss improved 58% to $153 million. The company announced a $500 million stock repurchase program and achieved significant improvements in Adjusted EBITDA, which increased 229% to $132 million. Snapchat+ reached 12 million subscribers, more than doubling year-over-year, while total active advertisers more than doubled. The company also introduced new AI features and AR capabilities, including the fifth generation of Spectacles.

Snap Inc. ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un incremento del fatturato del 15% anno su anno, raggiungendo 1.373 milioni di dollari. Gli utenti attivi giornalieri sono aumentati del 9%, raggiungendo 443 milioni, mentre la perdita netta è migliorata del 58%, attestandosi a 153 milioni di dollari. L'azienda ha annunciato un programma di riacquisto di azioni da 500 milioni di dollari e ha registrato notevoli miglioramenti nell'EBITDA rettificato, che è cresciuto del 229%, raggiungendo 132 milioni di dollari. Snapchat+ ha raggiunto 12 milioni di abbonati, più del raddoppio rispetto all'anno precedente, mentre il numero totale di inserzionisti attivi è più che raddoppiato. L'azienda ha anche introdotto nuove funzionalità di intelligenza artificiale e capacità di realtà aumentata, inclusa la quinta generazione degli Spectacles.

Snap Inc. reportó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del 15% en los ingresos interanuales, alcanzando 1,373 millones de dólares. Los usuarios activos diarios crecieron un 9%, alcanzando 443 millones, mientras que la pérdida neta mejoró un 58%, totalizando 153 millones de dólares. La compañía anunció un programa de recompra de acciones por 500 millones de dólares y logró mejoras significativas en el EBITDA ajustado, que aumentó un 229% hasta 132 millones de dólares. Snapchat+ alcanzó 12 millones de suscriptores, más del doble en comparación con el año anterior, mientras que el número total de anunciantes activos se más que duplicó. La empresa también introdujo nuevas funciones de inteligencia artificial y capacidades de realidad aumentada, incluida la quinta generación de Spectacles.

스냅 Inc.는 2024년 3분기 강력한 재무 결과를 보고했으며, 매출이 전년 대비 15% 증가하여 13억 7천 3백만 달러에 달했습니다. 하루 활성 사용자 수는 9% 늘어 4억 4천 3백만에 도달했으며, 순손실은 58% 개선되어 1억 5천 3백만 달러가 되었습니다. 회사는 5억 달러 규모의 자사주 매입 프로그램을 발표했으며, 조정 EBITDA에서 229% 증가하여 1억 3천 2백만 달러를 기록하는 등 중요한 개선이 이루어졌습니다. Snapchat+는 1천 2백만 명의 구독자에 도달하여 전년 대비 두 배 이상 증가하였으며, 총 활성 광고주 수는 두 배 이상 증가했습니다. 회사는 또한 새로운 AI 기능과 증강 현실 기능을 도입했으며, 그 중에는 다섯 번째 세대의 Spectacles가 포함됩니다.

Snap Inc. a annoncé de solides résultats financiers pour le troisième trimestre de 2024, avec une augmentation de 15 % des revenus par rapport à l'année précédente, atteignant 1,373 milliard de dollars. Le nombre d'utilisateurs actifs quotidiens a augmenté de 9 % pour atteindre 443 millions, tandis que la perte nette s'est améliorée de 58 % pour s'établir à 153 millions de dollars. L'entreprise a annoncé un programme de rachat d'actions de 500 millions de dollars et a réalisé des améliorations significatives de l'EBITDA ajusté, qui a augmenté de 229 % pour atteindre 132 millions de dollars. Snapchat+ a atteint 12 millions d'abonnés, plus du double par rapport à l'année précédente, tandis que le nombre total d'annonceurs actifs a également plus que doublé. L'entreprise a également introduit de nouvelles fonctionnalités d'IA et des capacités de réalité augmentée, y compris la cinquième génération de Spectacles.

Snap Inc. berichtete über starke Finanzzahlen für das dritte Quartal 2024, mit einem Umsatzanstieg von 15 % im Vergleich zum Vorjahr auf 1.373 Millionen Dollar. Die täglichen aktiven Nutzer stiegen um 9 % auf 443 Millionen, während sich der Nettoverlust um 58 % auf 153 Millionen Dollar verbesserte. Das Unternehmen gab ein Aktienrückkaufprogramm über 500 Millionen Dollar bekannt und erzielte erhebliche Verbesserungen beim bereinigten EBITDA, das um 229 % auf 132 Millionen Dollar anstieg. Snapchat+ erreichte 12 Millionen Abonnenten, was mehr als eine Verdopplung im Jahresvergleich darstellt, während die Gesamtzahl der aktiven Werbetreibenden mehr als verdoppelt wurde. Das Unternehmen führte zudem neue KI-Funktionen und AR-Funktionen ein, darunter die fünfte Generation der Spectacles.

Positive
  • Revenue grew 15% YoY to $1,373 million
  • Daily Active Users increased 9% YoY to 443 million
  • Net loss improved 58% YoY to $153 million
  • Adjusted EBITDA improved 229% YoY to $132 million
  • Snapchat+ subscribers doubled YoY to 12 million
  • Total active advertisers more than doubled YoY
  • Free Cash Flow improved to $72 million from -$61 million YoY
Negative
  • Company still reporting net loss of $153 million
  • Operating loss of $173.2 million despite improvement

Insights

Snap's Q3 results demonstrate meaningful progress in financial performance with $1.37B revenue, up 15% YoY and significantly improved profitability metrics. The $153M net loss represents a 58% YoY reduction, while Adjusted EBITDA surged 229% to $132M. The newly announced $500M stock buyback program, supported by a robust $3.2B cash position, shows management's confidence in the company's financial health.

Key positive indicators include doubling of active advertisers YoY and Snapchat+ reaching 12M subscribers. The 25% increase in content viewing time and 9% DAU growth to 443M users demonstrate strong engagement metrics that should support continued revenue growth.

The strategic focus on AI and AR positions Snap at the forefront of social media innovation. The expanded Google Cloud partnership for generative AI and launch of 5th generation Spectacles with Snap OS demonstrate significant technological advancement. The platform's AR ecosystem shows robust growth with 375,000 creators and 4M Lenses created, indicating strong developer adoption.

The introduction of new ad formats like Sponsored Snaps and Promoted Places, combined with First Lens Unlimited, reveals a sophisticated approach to monetization. These innovations, alongside the GenAI Suite features in Lens Studio, create multiple revenue streams while maintaining technological leadership in social AR.

Third quarter revenue increased 15% year-over-year to $1,373 million

Daily Active Users increased 9% year-over-year to 443 million

Net loss improved 58% year-over-year to $153 million

Adjusted EBITDA improved 229% year-over-year to $132 million

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2024.

“I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,” said Evan Spiegel, CEO. “Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long-term growth opportunity.”

Snap Inc. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period.

The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.

Repurchases under this program will be funded from existing cash and cash equivalents. As of September 30, 2024, Snap had $3.2 billion in cash, cash equivalents, and marketable securities.

Q3 2024 Financial Summary

  • Revenue was $1,373 million, compared to $1,189 million in the prior year, an increase of 15% year-over-year.
  • Net loss was $153 million, compared to $368 million in the prior year.
  • Adjusted EBITDA was $132 million, compared to $40 million in the prior year.
  • Operating cash flow was $116 million, compared to $13 million in the prior year.
  • Free Cash Flow was $72 million, compared to $(61) million in the prior year.

 

Three Months Ended

September 30,

 

Percent

Change

 

Nine Months Ended

September 30,

 

Percent

Change

 

2024

 

2023

 

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share amounts)

(Unaudited)

(NM = Not Meaningful)

Revenue

$

1,372,574

 

 

$

1,188,551

 

 

15

%

 

$

3,804,115

 

 

$

3,244,828

 

 

17

%

Operating loss

$

(173,210

)

 

$

(380,063

)

 

54

%

 

$

(760,417

)

 

$

(1,149,666

)

 

34

%

Net loss

$

(153,247

)

 

$

(368,256

)

 

58

%

 

$

(706,957

)

 

$

(1,074,238

)

 

34

%

Adjusted EBITDA (1)

$

131,962

 

 

$

40,094

 

 

229

%

 

$

232,598

 

 

$

2,428

 

 

NM

 

Net cash provided by (used in) operating activities

$

115,872

 

 

$

12,781

 

 

NM

 

 

$

182,847

 

 

$

81,947

 

 

123

%

Free Cash Flow (2)

$

71,831

 

 

$

(60,654

)

 

218

%

 

$

36,296

 

 

$

(76,061

)

 

148

%

Diluted net loss per share attributable to common stockholders

$

(0.09

)

 

$

(0.23

)

 

61

%

 

$

(0.43

)

 

$

(0.67

)

 

36

%

Non-GAAP diluted net income (loss) per share (3)

$

0.08

 

 

$

0.02

 

 

300

%

 

$

0.13

 

 

$

0.01

 

 

NM

 

(1)

See page 10 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the nine months ended September 30, 2024, and excluded from Adjusted EBITDA, were $72.0 million. No restructuring charges were incurred during the three months ended September 30, 2024. Total restructuring charges for the three and nine months ended September 30, 2023, and excluded from Adjusted EBITDA, were $18.6 million.

(2)

See page 10 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.

(3)

See page 11 for a reconciliation of diluted net loss per share to non-GAAP diluted net income (loss) per share.

Q3 2024 Summary & Key Highlights

We deepened engagement with our community:

  • DAUs were 443 million in Q3 2024, an increase of 37 million, or 9% year-over-year.
  • Total time spent watching content increased 25% year-over-year.
  • Spotlight reached more than 500 million monthly active users on average in Q3, an increase of 21% year-over-year.
  • Over a billion Snaps were shared publicly on Snapchat every month in Q3 from our community, creators, and media partners.
  • We announced an expanded strategic partnership with Google Cloud to power additional generative AI experiences within My AI, our AI-powered chatbot.
  • We introduced new AI-enabled features to spark conversations, make great Snaps, and discover new things, like bringing AI to Memories and improving My AI’s ability to problem solve.
  • We launched new safety tools and resources designed to help educators and school administrators understand how their students use Snapchat, the key protections available to them, and resources to assist in their efforts to create safe and supportive environments for students.

We are focused on accelerating and diversifying our revenue growth:

  • Snapchat+ reached 12 million subscribers in Q3, more than doubling year-over-year.
  • Ongoing momentum with our direct response products and growth in small- and medium-size businesses contributed to total active advertisers more than doubling year-over-year in Q3.
  • We are in the early stages of experimenting with two new ad formats, Sponsored Snaps and Promoted Places, to help businesses reach Snapchatters in engaging ways across our differentiated service.
  • We launched First Lens Unlimited, which offers advertisers the first impression of the day in the first slot of the Lens Carousel, allowing them to reach our community at greater scale.
  • We launched State-specific First Story, which allows US advertisers to target First Story takeover campaigns to individual states or to reach the entire country with different creative for each state, as selected by the advertiser.

We invested in our augmented reality platform:

  • We introduced the fifth generation of Spectacles, our new see-through, standalone AR glasses that enable developers to use Lenses and experience the world together with friends, powered by Snap OS.
  • Snap OS is our brand new and groundbreaking operating system with a natural interface that uses hands and voice, with no controller required. The Snap Spatial Engine understands the world around you so that Lenses appear realistically in three dimensions.
  • More than 375,000 AR creators, developers, and teams from nearly every country in the world have built over 4 million Lenses.
  • Over 150 million Spotlight videos have been created this year featuring Lenses made by our talented community of Lens Creators.
  • Over 225 million Snapchatters engaged with more than 25 custom Olympic-related AR experiences globally during the Paris 2024 Games.
  • We’re rolling out a slate of new GenAI Suite features in Lens Studio that make it faster and easier to bring your creativity to life, including Animation Blending, Body Morph, and Icon Generation.
  • We’re making AR creation simpler with Easy Lens, a new tool that makes it possible to build Lenses in a matter of minutes, just by typing into a text prompt.

Q4 2024 Outlook

Snap Inc. will discuss its Q4 2024 outlook during its Q3 2024 Earnings Call (details below) and in its investor letter available at investor.snap.com.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.”

About Snap Inc.

Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

We use the non-GAAP financial measure of non-GAAP net income (loss), which is defined as net income (loss), excluding amortization of intangible assets; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; certain other items impacting net income (loss) from time to time; and related income tax adjustments. Non-GAAP net income (loss) and weighted average diluted shares are then used to calculate non-GAAP diluted net income (loss) per share. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses we exclude in the measure.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.”

Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

2024

 

2023

Cash flows from operating activities

 

 

 

 

 

 

 

Net loss

$

(153,247

)

 

$

(368,256

)

 

$

(706,957

)

 

$

(1,074,238

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

38,850

 

 

 

41,209

 

 

 

118,493

 

 

 

116,117

 

Stock-based compensation

 

260,229

 

 

 

357,933

 

 

 

783,292

 

 

 

990,807

 

Amortization of debt issuance costs

 

2,717

 

 

 

1,842

 

 

 

6,667

 

 

 

5,517

 

Losses (gains) on debt and equity securities, net

 

536

 

 

 

21,155

 

 

 

12,166

 

 

 

5,888

 

Other

 

2,200

 

 

 

(4,395

)

 

 

(3,829

)

 

 

(31,098

)

Change in operating assets and liabilities, net of effect of acquisitions:

 

 

 

 

 

 

 

Accounts receivable, net of allowance

 

(51,941

)

 

 

(128,972

)

 

 

73,350

 

 

 

55,772

 

Prepaid expenses and other current assets

 

11,914

 

 

 

(837

)

 

 

(36,241

)

 

 

(15,139

)

Operating lease right-of-use assets

 

12,731

 

 

 

17,904

 

 

 

41,235

 

 

 

53,379

 

Other assets

 

3,090

 

 

 

(2,767

)

 

 

(3,007

)

 

 

(3,192

)

Accounts payable

 

(16,642

)

 

 

(16,951

)

 

 

(112,287

)

 

 

(45,497

)

Accrued expenses and other current liabilities

 

19,331

 

 

 

105,907

 

 

 

46,771

 

 

 

68,697

 

Operating lease liabilities

 

(16,384

)

 

 

(16,181

)

 

 

(44,254

)

 

 

(52,523

)

Other liabilities

 

2,488

 

 

 

5,190

 

 

 

7,448

 

 

 

7,457

 

Net cash provided by (used in) operating activities

 

115,872

 

 

 

12,781

 

 

 

182,847

 

 

 

81,947

 

Cash flows from investing activities

 

 

 

 

 

 

 

Purchases of property and equipment

 

(44,041

)

 

 

(73,435

)

 

 

(146,551

)

 

 

(158,008

)

Purchases of strategic investments

 

 

 

 

 

 

 

(2,000

)

 

 

(7,770

)

Sales of strategic investments

 

557

 

 

 

5,151

 

 

 

1,572

 

 

 

5,151

 

Cash paid for acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

 

 

(50,254

)

Purchases of marketable securities

 

(705,066

)

 

 

(537,046

)

 

 

(1,945,590

)

 

 

(2,042,317

)

Sales of marketable securities

 

187,754

 

 

 

16,451

 

 

 

354,311

 

 

 

107,724

 

Maturities of marketable securities

 

337,985

 

 

 

557,579

 

 

 

1,170,066

 

 

 

2,093,737

 

Other

 

 

 

 

(308

)

 

 

(100

)

 

 

(432

)

Net cash provided by (used in) investing activities

 

(222,811

)

 

 

(31,608

)

 

 

(568,292

)

 

 

(52,169

)

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from issuance of convertible notes, net of issuance costs

 

 

 

 

 

 

 

740,350

 

 

 

 

Purchase of capped calls

 

 

 

 

 

 

 

(68,850

)

 

 

 

Proceeds from termination of capped calls

 

 

 

 

 

 

 

62,683

 

 

 

 

Proceeds from the exercise of stock options

 

10,304

 

 

 

5

 

 

 

12,798

 

 

 

416

 

Repurchases of Class A non-voting common stock

 

 

 

 

 

 

 

(311,069

)

 

 

 

Deferred payments for acquisitions

 

 

 

 

(10,441

)

 

 

(3,695

)

 

 

(254,557

)

Repurchases of convertible notes

 

 

 

 

 

 

 

(859,042

)

 

 

 

Other

 

 

 

 

 

 

 

(1,799

)

 

 

 

Net cash provided by (used in) financing activities

 

10,304

 

 

 

(10,436

)

 

 

(428,624

)

 

 

(254,141

)

Change in cash, cash equivalents, and restricted cash

 

(96,635

)

 

 

(29,263

)

 

 

(814,069

)

 

 

(224,363

)

Cash, cash equivalents, and restricted cash, beginning of period

 

1,065,028

 

 

 

1,228,676

 

 

 

1,782,462

 

 

 

1,423,776

 

Cash, cash equivalents, and restricted cash, end of period

$

968,393

 

 

$

1,199,413

 

 

$

968,393

 

 

$

1,199,413

 

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2024

 

2023

 

2024

 

2023

Revenue

$

1,372,574

 

 

$

1,188,551

 

 

$

3,804,115

 

 

$

3,244,828

 

Costs and expenses:

 

 

 

 

 

 

 

Cost of revenue

 

638,907

 

 

 

555,753

 

 

 

1,802,577

 

 

 

1,492,613

 

Research and development

 

412,791

 

 

 

494,559

 

 

 

1,268,746

 

 

 

1,427,334

 

Sales and marketing

 

273,107

 

 

 

297,251

 

 

 

815,461

 

 

 

846,281

 

General and administrative

 

220,979

 

 

 

221,051

 

 

 

677,748

 

 

 

628,266

 

Total costs and expenses

 

1,545,784

 

 

 

1,568,614

 

 

 

4,564,532

 

 

 

4,394,494

 

Operating loss

 

(173,210

)

 

 

(380,063

)

 

 

(760,417

)

 

 

(1,149,666

)

Interest income

 

38,533

 

 

 

43,839

 

 

 

114,893

 

 

 

124,931

 

Interest expense

 

(5,883

)

 

 

(5,521

)

 

 

(15,739

)

 

 

(16,749

)

Other income (expense), net

 

(4,355

)

 

 

(20,662

)

 

 

(25,228

)

 

 

(7,967

)

Loss before income taxes

 

(144,915

)

 

 

(362,407

)

 

 

(686,491

)

 

 

(1,049,451

)

Income tax benefit (expense)

 

(8,332

)

 

 

(5,849

)

 

 

(20,466

)

 

 

(24,787

)

Net loss

$

(153,247

)

 

$

(368,256

)

 

$

(706,957

)

 

$

(1,074,238

)

Net loss per share attributable to Class A, Class B, and Class C common stockholders:

 

 

 

 

 

 

 

Basic

$

(0.09

)

 

$

(0.23

)

 

$

(0.43

)

 

$

(0.67

)

Diluted

$

(0.09

)

 

$

(0.23

)

 

$

(0.43

)

 

$

(0.67

)

Weighted average shares used in computation of net loss per share:

 

 

 

 

 

 

 

Basic

 

1,663,011

 

 

 

1,625,917

 

 

 

1,651,756

 

 

 

1,603,672

 

Diluted

 

1,663,011

 

 

 

1,625,917

 

 

 

1,651,756

 

 

 

1,603,672

 

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

 

 

September 30,
2024

 

December 31,
2023

 

(unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

964,967

 

 

$

1,780,400

 

Marketable securities

 

2,227,162

 

 

 

1,763,680

 

Accounts receivable, net of allowance

 

1,195,701

 

 

 

1,278,176

 

Prepaid expenses and other current assets

 

200,902

 

 

 

153,587

 

Total current assets

 

4,588,732

 

 

 

4,975,843

 

Property and equipment, net

 

466,397

 

 

 

410,326

 

Operating lease right-of-use assets

 

516,959

 

 

 

516,862

 

Intangible assets, net

 

98,920

 

 

 

146,303

 

Goodwill

 

1,693,946

 

 

 

1,691,827

 

Other assets

 

226,463

 

 

 

226,597

 

Total assets

$

7,591,417

 

 

$

7,967,758

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

157,471

 

 

$

278,961

 

Operating lease liabilities

 

21,311

 

 

 

49,321

 

Accrued expenses and other current liabilities

 

921,393

 

 

 

805,836

 

Convertible senior notes, net

 

36,191

 

 

 

 

Total current liabilities

 

1,136,366

 

 

 

1,134,118

 

Long-term convertible senior notes, net

 

3,605,137

 

 

 

3,749,400

 

Operating lease liabilities, noncurrent

 

577,912

 

 

 

546,279

 

Other liabilities

 

61,927

 

 

 

123,849

 

Total liabilities

 

5,381,342

 

 

 

5,553,646

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,465,785 shares issued, 1,418,062 shares outstanding at September 30, 2024, and 3,000,000 shares authorized, 1,440,541 shares issued, 1,391,341 shares outstanding at December 31, 2023.

 

14

 

 

 

14

 

Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at September 30, 2024, and 700,000 shares authorized, 22,528 shares issued and outstanding at December 31, 2023.

 

 

 

 

 

Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at September 30, 2024 and December 31, 2023.

 

2

 

 

 

2

 

Treasury stock, at cost. 47,723 and 49,200 shares of Class A non-voting common stock at September 30, 2024 and December 31, 2023, respectively.

 

(465,502

)

 

 

(479,903

)

Additional paid-in capital

 

15,391,284

 

 

 

14,613,404

 

Accumulated deficit

 

(12,744,562

)

 

 

(11,726,536

)

Accumulated other comprehensive income (loss)

 

28,839

 

 

 

7,131

 

Total stockholders’ equity

 

2,210,075

 

 

 

2,414,112

 

Total liabilities and stockholders’ equity

$

7,591,417

 

 

$

7,967,758

 

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

 

 

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

2024

 

2023

Free Cash Flow reconciliation:

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

115,872

 

 

$

12,781

 

 

$

182,847

 

 

$

81,947

 

Less:

 

 

 

 

 

 

 

Purchases of property and equipment

 

(44,041

)

 

 

(73,435

)

 

 

(146,551

)

 

 

(158,008

)

Free Cash Flow

$

71,831

 

 

$

(60,654

)

 

$

36,296

 

 

$

(76,061

)

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

2024

 

2023

Adjusted EBITDA reconciliation:

 

 

 

 

 

 

 

Net loss

$

(153,247

)

 

$

(368,256

)

 

$

(706,957

)

 

$

(1,074,238

)

Add (deduct):

 

 

 

 

 

 

 

Interest income

 

(38,533

)

 

 

(43,839

)

 

 

(114,893

)

 

 

(124,931

)

Interest expense

 

5,883

 

 

 

5,521

 

 

 

15,739

 

 

 

16,749

 

Other (income) expense, net

 

4,355

 

 

 

20,662

 

 

 

25,228

 

 

 

7,967

 

Income tax (benefit) expense

 

8,332

 

 

 

5,849

 

 

 

20,466

 

 

 

24,787

 

Depreciation and amortization

 

38,850

 

 

 

41,209

 

 

 

114,878

 

 

 

116,117

 

Stock-based compensation expense

 

260,229

 

 

 

353,846

 

 

 

773,890

 

 

 

986,720

 

Payroll and other tax expense related to stock-based compensation

 

6,093

 

 

 

6,463

 

 

 

32,196

 

 

 

30,618

 

Restructuring charges (1)

 

 

 

 

18,639

 

 

 

72,051

 

 

 

18,639

 

Adjusted EBITDA

$

131,962

 

 

$

40,094

 

 

$

232,598

 

 

$

2,428

 

(1)

Restructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.

Total depreciation and amortization expense by function:

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

2024

 

2023

Depreciation and amortization expense (1):

 

 

 

 

 

 

 

Cost of revenue

$

965

 

$

3,184

 

$

4,987

 

$

9,580

Research and development

 

24,798

 

 

26,252

 

 

75,305

 

 

75,238

Sales and marketing

 

4,953

 

 

5,466

 

 

14,614

 

 

16,144

General and administrative

 

8,134

 

 

6,307

 

 

23,587

 

 

15,155

Total

$

38,850

 

$

41,209

 

$

118,493

 

$

116,117

(1)

Depreciation and amortization expense for the nine months ended September 30, 2024 includes restructuring charges.

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)

(in thousands, except per share amounts, unaudited)

 

Total stock-based compensation expense by function:

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

2024

 

2023

Stock-based compensation expense (1):

 

 

 

 

 

 

 

Cost of revenue

$

1,333

 

$

2,640

 

$

4,408

 

$

6,890

Research and development

 

172,516

 

 

234,615

 

 

518,500

 

 

672,030

Sales and marketing

 

53,345

 

 

72,783

 

 

160,209

 

 

185,319

General and administrative

 

33,035

 

 

47,895

 

 

100,175

 

 

126,568

Total

$

260,229

 

$

357,933

 

$

783,292

 

$

990,807

(1)

Stock-based compensation expense for the nine months ended September 30, 2024 as well as the three and nine months ended September 30, 2023 includes restructuring charges.

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

2024

 

2023

Non-GAAP net income (loss) reconciliation:

 

 

 

 

 

 

 

Net loss

$

(153,247

)

 

$

(368,256

)

 

$

(706,957

)

 

$

(1,074,238

)

Amortization of intangible assets

 

13,889

 

 

 

19,134

 

 

 

44,282

 

 

 

55,294

 

Stock-based compensation expense

 

260,229

 

 

 

353,846

 

 

 

773,890

 

 

 

986,720

 

Payroll and other tax expense related to stock-based compensation

 

6,093

 

 

 

6,463

 

 

 

32,196

 

 

 

30,618

 

Restructuring charges (1)

 

 

 

 

18,639

 

 

 

72,051

 

 

 

18,639

 

Income tax adjustments

 

(1,858

)

 

 

(573

)

 

 

(7,877

)

 

 

(810

)

Non-GAAP net income (loss)

$

125,106

 

 

$

29,253

 

 

$

207,585

 

 

$

16,223

 

 

 

 

 

 

 

 

 

Weighted-average common shares - Diluted

 

1,663,011

 

 

 

1,625,917

 

 

 

1,651,756

 

 

 

1,603,672

 

 

 

 

 

 

 

 

 

Non-GAAP diluted net income (loss) per share reconciliation:

 

 

 

 

 

 

 

Diluted net loss per share

$

(0.09

)

 

$

(0.23

)

 

$

(0.43

)

 

$

(0.67

)

Non-GAAP adjustment to net loss

 

0.17

 

 

 

0.25

 

 

 

0.56

 

 

 

0.68

 

Non-GAAP diluted net income (loss) per share

$

0.08

 

 

$

0.02

 

 

$

0.13

 

 

$

0.01

 

(1)

Restructuring charges during 2024 are primarily related to cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. Restructuring charges during 2023 are primarily related to cash severance and stock-based compensation expense associated with the wind down of our AR Enterprise business. These charges are not reflective of underlying trends in our business.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

(dollars and shares in thousands, except per user amounts, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2 2023

 

Q3 2023

 

Q4 2023

 

Q1 2024

 

Q2 2024

 

Q3 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

(NM = Not Meaningful)

Cash Flows and Shares

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

$

(81,936

)

 

$

12,781

 

 

$

164,574

 

 

$

88,352

 

 

$

(21,377

)

 

$

115,872

 

Net cash provided by (used in) operating activities - YoY (year-over-year)

 

34

%

 

 

(77

)%

 

 

31

%

 

 

(42

)%

 

 

74

%

 

 

NM

 

Net cash provided by (used in) operating activities - TTM (trailing twelve months)

$

250,402

 

 

$

207,238

 

 

$

246,521

 

 

$

183,771

 

 

$

244,330

 

 

$

347,421

 

Purchases of property and equipment

$

(36,943

)

 

$

(73,435

)

 

$

(53,719

)

 

$

(50,448

)

 

$

(52,062

)

 

$

(44,041

)

Purchases of property and equipment - YoY

 

58

%

 

 

94

%

 

 

14

%

 

 

6

%

 

 

41

%

 

 

(40

)%

Purchases of property and equipment - TTM

$

(169,334

)

 

$

(204,933

)

 

$

(211,727

)

 

$

(214,545

)

 

$

(229,664

)

 

$

(200,270

)

Free Cash Flow

$

(118,879

)

 

$

(60,654

)

 

$

110,855

 

 

$

37,904

 

 

$

(73,439

)

 

$

71,831

 

Free Cash Flow - YoY

 

19

%

 

 

(435

)%

 

 

41

%

 

 

(63

)%

 

 

38

%

 

 

218

%

Free Cash Flow - TTM

$

81,068

 

 

$

2,305

 

 

$

34,794

 

 

$

(30,774

)

 

$

14,666

 

 

$

147,151

 

Common shares outstanding

 

1,616,119

 

 

 

1,638,905

 

 

 

1,645,496

 

 

 

1,643,120

 

 

 

1,653,820

 

 

 

1,672,212

 

Common shares outstanding - YoY

 

(2

)%

 

 

2

%

 

 

5

%

 

 

3

%

 

 

2

%

 

 

2

%

Shares underlying stock-based awards

 

149,065

 

 

 

154,525

 

 

 

157,981

 

 

 

146,240

 

 

 

144,315

 

 

 

132,783

 

Shares underlying stock-based awards - YoY

 

62

%

 

 

63

%

 

 

20

%

 

 

14

%

 

 

(3

)%

 

 

(14

)%

Total common shares outstanding plus shares underlying stock-based awards

 

1,765,184

 

 

 

1,793,430

 

 

 

1,803,477

 

 

 

1,789,360

 

 

 

1,798,135

 

 

 

1,804,995

 

Total common shares outstanding plus shares underlying stock-based awards - YoY

 

2

%

 

 

5

%

 

 

6

%

 

 

4

%

 

 

2

%

 

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

Results of Operations

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,067,669

 

 

$

1,188,551

 

 

$

1,361,287

 

 

$

1,194,773

 

 

$

1,236,768

 

 

$

1,372,574

 

Revenue - YoY

 

(4

)%

 

 

5

%

 

 

5

%

 

 

21

%

 

 

16

%

 

 

15

%

Revenue - TTM

$

4,484,488

 

 

$

4,544,563

 

 

$

4,606,115

 

 

$

4,812,280

 

 

$

4,981,379

 

 

$

5,165,402

 

Revenue by region (1)

 

 

 

 

 

 

 

 

 

 

 

North America

$

686,829

 

 

$

786,154

 

 

$

899,542

 

 

$

743,131

 

 

$

767,560

 

 

$

857,621

 

North America - YoY

 

(13

)%

 

 

(3

)%

 

 

2

%

 

 

16

%

 

 

12

%

 

 

9

%

North America - TTM

$

3,018,637

 

 

$

2,993,189

 

 

$

3,012,421

 

 

$

3,115,656

 

 

$

3,196,387

 

 

$

3,267,854

 

Europe

$

182,109

 

 

$

200,272

 

 

$

238,253

 

 

$

195,844

 

 

$

229,835

 

 

$

248,902

 

Europe - YoY

 

7

%

 

 

24

%

 

 

9

%

 

 

24

%

 

 

26

%

 

 

24

%

Europe - TTM

$

719,817

 

 

$

758,693

 

 

$

778,394

 

 

$

816,478

 

 

$

864,204

 

 

$

912,834

 

Rest of World

$

198,731

 

 

$

202,125

 

 

$

223,492

 

 

$

255,798

 

 

$

239,373

 

 

$

266,051

 

Rest of World - YoY

 

28

%

 

 

30

%

 

 

11

%

 

 

34

%

 

 

20

%

 

 

32

%

Rest of World - TTM

$

746,034

 

 

$

792,681

 

 

$

815,300

 

 

$

880,146

 

 

$

920,788

 

 

$

984,714

 

Operating loss

$

(404,339

)

 

$

(380,063

)

 

$

(248,713

)

 

$

(333,232

)

 

$

(253,975

)

 

$

(173,210

)

Operating loss - YoY

 

(1

)%

 

 

13

%

 

 

14

%

 

 

9

%

 

 

37

%

 

 

54

%

Operating loss - Margin

 

(38

)%

 

 

(32

)%

 

 

(18

)%

 

 

(28

)%

 

 

(21

)%

 

 

(13

)%

Operating loss - TTM

$

(1,492,442

)

 

$

(1,437,263

)

 

$

(1,398,379

)

 

$

(1,366,347

)

 

$

(1,215,983

)

 

$

(1,009,130

)

Net income (loss)

$

(377,308

)

 

$

(368,256

)

 

$

(248,247

)

 

$

(305,090

)

 

$

(248,620

)

 

$

(153,247

)

Net income (loss) - YoY

 

11

%

 

 

(2

)%

 

 

14

%

 

 

7

%

 

 

34

%

 

 

58

%

Net income (loss) - Margin

 

(35

)%

 

 

(31

)%

 

 

(18

)%

 

 

(26

)%

 

 

(20

)%

 

 

(11

)%

Net income (loss) - TTM

$

(1,353,944

)

 

$

(1,362,698

)

 

$

(1,322,485

)

 

$

(1,298,901

)

 

$

(1,170,213

)

 

$

(955,204

)

Adjusted EBITDA

$

(38,479

)

 

$

40,094

 

 

$

159,149

 

 

$

45,659

 

 

$

54,977

 

 

$

131,962

 

Adjusted EBITDA - YoY

 

(635

)%

 

 

(45

)%

 

 

(32

)%

 

 

NM

 

 

 

243

%

 

 

229

%

Adjusted EBITDA - Margin (2)

 

(4

)%

 

 

3

%

 

 

12

%

 

 

4

%

 

 

4

%

 

 

10

%

Adjusted EBITDA - TTM

$

268,249

 

 

$

235,703

 

 

$

161,577

 

 

$

206,423

 

 

$

299,879

 

 

$

391,747

 

(1)

Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.

(2)

We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

(dollars and shares in thousands, except per user amounts, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2 2023

 

Q3 2023

 

Q4 2023

 

Q1 2024

 

Q2 2024

 

Q3 2024

Other

 

 

 

 

 

 

 

 

 

 

 

DAU (in millions) (1)

 

397

 

 

 

406

 

 

 

414

 

 

 

422

 

 

 

432

 

 

 

443

 

DAU - YoY

 

14

%

 

 

12

%

 

 

10

%

 

 

10

%

 

 

9

%

 

 

9

%

DAU by region (in millions)

 

 

 

 

 

 

 

 

 

 

 

North America

 

101

 

 

 

101

 

 

 

100

 

 

 

100

 

 

 

100

 

 

 

100

 

North America - YoY

 

2

%

 

 

1

%

 

 

%

 

 

(1

)%

 

 

%

 

 

%

Europe

 

94

 

 

 

95

 

 

 

96

 

 

 

96

 

 

 

97

 

 

 

99

 

Europe - YoY

 

9

%

 

 

7

%

 

 

4

%

 

 

4

%

 

 

3

%

 

 

4

%

Rest of World

 

202

 

 

 

211

 

 

 

218

 

 

 

226

 

 

 

235

 

 

 

244

 

Rest of World - YoY

 

25

%

 

 

21

%

 

 

19

%

 

 

19

%

 

 

16

%

 

 

16

%

ARPU

$

2.69

 

 

$

2.93

 

 

$

3.29

 

 

$

2.83

 

 

$

2.86

 

 

$

3.10

 

ARPU - YoY

 

(16

)%

 

 

(6

)%

 

 

(5

)%

 

 

10

%

 

 

6

%

 

 

6

%

ARPU by region

 

 

 

 

 

 

 

 

 

 

 

North America

$

6.83

 

 

$

7.82

 

 

$

8.96

 

 

$

7.44

 

 

$

7.67

 

 

$

8.54

 

North America - YoY

 

(14

)%

 

 

(4

)%

 

 

2

%

 

 

17

%

 

 

12

%

 

 

9

%

Europe

$

1.93

 

 

$

2.11

 

 

$

2.49

 

 

$

2.04

 

 

$

2.36

 

 

$

2.52

 

Europe - YoY

 

(2

)%

 

 

15

%

 

 

5

%

 

 

20

%

 

 

22

%

 

 

19

%

Rest of World

$

0.98

 

 

$

0.96

 

 

$

1.03

 

 

$

1.13

 

 

$

1.02

 

 

$

1.09

 

Rest of World - YoY

 

3

%

 

 

8

%

 

 

(7

)%

 

 

13

%

 

 

4

%

 

 

14

%

Employees (full-time; excludes part-time, contractors, and temporary personnel)

 

5,286

 

 

 

5,367

 

 

 

5,289

 

 

 

4,835

 

 

 

4,719

 

 

 

4,800

 

Employees - YoY

 

(18

)%

 

 

(6

)%

 

 

%

 

 

(7

)%

 

 

(11

)%

 

 

(11

)%

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

3,170

 

 

$

3,184

 

 

$

3,171

 

 

$

2,150

 

 

$

1,872

 

 

$

965

 

Research and development

 

24,847

 

 

 

26,252

 

 

 

31,040

 

 

 

27,598

 

 

 

22,909

 

 

 

24,798

 

Sales and marketing

 

5,605

 

 

 

5,466

 

 

 

10,017

 

 

 

4,577

 

 

 

5,084

 

 

 

4,953

 

General and administrative

 

6,066

 

 

 

6,307

 

 

 

8,096

 

 

 

7,388

 

 

 

8,065

 

 

 

8,134

 

Total

$

39,688

 

 

$

41,209

 

 

$

52,324

 

 

$

41,713

 

 

$

37,930

 

 

$

38,850

 

Depreciation and amortization expense - YoY

 

(50

)%

 

 

14

%

 

 

8

%

 

 

18

%

 

 

(4

)%

 

 

(6

)%

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

$

2,365

 

 

$

2,640

 

 

$

2,665

 

 

$

1,815

 

 

$

1,260

 

 

$

1,333

 

Research and development

 

217,565

 

 

 

234,615

 

 

 

220,996

 

 

 

174,519

 

 

 

171,465

 

 

 

172,516

 

Sales and marketing

 

57,597

 

 

 

72,783

 

 

 

70,369

 

 

 

54,656

 

 

 

52,208

 

 

 

53,345

 

General and administrative

 

40,416

 

 

 

47,895

 

 

 

39,167

 

 

 

32,762

 

 

 

34,378

 

 

 

33,035

 

Total

$

317,943

 

 

$

357,933

 

 

$

333,197

 

 

$

263,752

 

 

$

259,311

 

 

$

260,229

 

Stock-based compensation expense - YoY

 

%

 

 

4

%

 

 

(26

)%

 

 

(16

)%

 

 

(18

)%

 

 

(27

)%

(1)

Numbers may not foot due to rounding.

 

Investors and Analysts:

ir@snap.com

Press:

press@snap.com

Source: Snap Inc.

FAQ

What was Snap's (SNAP) revenue in Q3 2024?

Snap's revenue in Q3 2024 was $1,373 million, representing a 15% increase year-over-year from $1,189 million.

How many daily active users does Snap (SNAP) have in Q3 2024?

Snap reported 443 million daily active users in Q3 2024, a 9% increase year-over-year, adding 37 million users.

What is Snap's (SNAP) new stock repurchase program?

Snap announced a $500 million stock repurchase program of its Class A common stock, authorized for 12 months to offset dilution from employee RSUs.

How many Snapchat+ subscribers does Snap (SNAP) have in Q3 2024?

Snapchat+ reached 12 million subscribers in Q3 2024, more than doubling year-over-year.

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