In the first quarter, Snap achieved significant growth, surpassing 900 million monthly active users and beating Wall Street estimates, posting $1.36 billion in revenue—up 14% year-over-year. The net loss improved to $140 million from $305 million a year prior, with a loss per share of 8 cents. Daily active users increased to 460 million. Despite this growth, Snap noted challenges in advertising sales and chose not to provide Q2 financial guidance due to macroeconomic uncertainty. The Snapchat+ subscription continued to thrive, with nearly 15 million subscribers contributing to additional revenue.
"We surpassed an important milestone in Q1, with our community growing to over 900 million monthly active users," Snap co-founder and CEO Evan Spiegel said in prepared remarks.
"Quarterly revenue increased 14% year-over-year, driven by the progress we have made with our direct-response advertising solutions, continued momentum in driving performance for small and medium sized businesses..."
"Given the uncertainty with respect to how macro economic conditions may evolve in the months ahead, and how this may impact advertising demand more broadly."
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