Shulou(Shulou.com)11/24 Report--

According to the news in the morning of February 1, Beijing time, Snap, the parent company of Snapchat, a communications application, today released its financial results for the fourth quarter and the whole year of fiscal year 2022. Snap's fourth-quarter revenue was $1.3 billion, up 0.1% from $1.298 billion a year earlier, with a net loss of $288 million, compared with a year-on-year net profit of $22.6 million, and an adjusted net profit of $215 million, excluding GAAP, compared with an adjusted net profit of $359 million a year earlier, according to the report.

Snap's fourth-quarter revenue was in line with Wall Street analysts' expectations, and adjusted earnings per share exceeded analysts' expectations. But at the same time, the number of global daily active users and average revenue per user fell short of analysts' expectations in the fourth quarter of Snap. Snap's shares fell more than 14 per cent after the results were announced.

Fourth quarter key results: for the quarter ended December 31, Snap posted a net loss of $288 million and a diluted loss of $0.18 per share attributable to common shareholders, which was much lower than in the same period last year. In the fourth quarter of fiscal 2021, Snap posted net income of $22.6 million and diluted earnings per share attributable to common shareholders of $0.010.

Excluding some one-time items (not in accordance with GAAP), Snap's adjusted net income for the fourth quarter was $215 million, or 14 cents per diluted share, also lower than a year earlier, but still beat analysts' expectations. In the fourth quarter of fiscal 2021, Snap's adjusted net income was $359 million, or 22 cents per diluted share, not in accordance with GAAP. On average, 23 analysts had expected Snap to earn 11 cents a share in the fourth quarter, according to data provided by Yahoo Finance.

Snap's fourth-quarter revenue was $1.3 billion, up 0.1% from $1.298 billion a year earlier, in line with analysts' expectations. On average, 33 analysts had expected Snap's fourth-quarter revenue to reach $1.3 billion, according to Yahoo Finance.

By region, Snap's revenue from North America in the fourth quarter was $880 million, down 6% from $932 million in the same period last year; revenue from Europe was $219 million, up 5% from $209 million in the same period last year; and revenue from the rest of the world was $201 million, up 28% from $157 million in the same period last year.

Snap's adjusted EBITDA profit (net profit before interest, tax, depreciation and amortization) was $233 million in the fourth quarter, down 29% from adjusted EBITDA profit of $327 million in the same period a year earlier.

Snap's total costs and expenses were $1.587 billion in the fourth quarter, compared with $1.323 billion in the same period last year. Of this total, revenue costs were $481 million, compared with $449 million in the same period last year; R & D expenditure was $585 million, compared to $434 million in the same period last year; sales and marketing expenses were $295 million, compared with $245 million in the same period last year; general and administrative expenses were $226 million, compared with $194 million in the same period last year.

Snap posted an operating loss of $288 million in the fourth quarter, compared with an operating loss of $25.1 million in the same period last year.

Snap's net cash from business operations was $125 million in the fourth quarter, compared with $186 million from business operations in the same period a year earlier, down 32 per cent from a year earlier. Snap's free cash flow was $78.4 million in the fourth quarter, compared with $161 million in the same period a year earlier, down 51 per cent from a year earlier.

Business highlights in the fourth quarter: Snap had 375 million global daily active users (DAU) in the fourth quarter, an increase of 56 million over the same period last year, or 17% year-on-year growth, slightly below analysts' expectations. Wall Street analysts had on average expected Snap to reach 375.3 million daily active users in the fourth quarter, according to data provided by analyst firm StreetAccount.

Judging from the performance of each region, Snap achieved month-on-month and year-on-year growth in the number of daily active users in North America, Europe and other parts of the world in the fourth quarter. Among them, the number of daily active users in North America was 100 million, an increase of 3% compared with 97 million in the same period last year and 100 million in the previous quarter, while the number of daily active users in Europe was 92 million, up 12% from 82 million in the same period last year, compared with 88 million in the previous quarter. The number of daily active users in the rest of the world was 183 million, up 31% from 140 million in the same period last year, compared with 175 million in the previous quarter.

Snap's global average revenue per user (ARPU) was $3.47 in the fourth quarter, down 15% from $4.06 in the same period last year, but up from $3.11 in the previous quarter. Wall Street analysts had on average expected Snap revenue per user to reach $3.49 in the fourth quarter, according to data provided by analyst firm StreetAccount.

By region, Snap's average revenue per user from North America in the fourth quarter was $8.77, down 9% from $9.58 in the same period last year, but up from $8.13 in the previous quarter, while average revenue per user from Europe was $2.38, down 6% from $2.54 in the same period last year, but up from $1.83 in the previous quarter Average revenue per user from the rest of the world was $1.10, down 2% from $1.12 in the same period last year, but up from $0.89 in the previous quarter.

In the fourth quarter, the total amount of time Snap users spent watching Spotlight short video content increased by more than 100% compared with the same period last year.

The number of paying users of Snap's subscription service Snapchat + reached more than 2 million in the fourth quarter.

Main results of fiscal year 2022: for the entire fiscal year 2022, Snap's revenue was $4.602 billion, up 12% from $4.117 billion in fiscal year 2021; net loss was $1.43 billion, an increase of 193% compared with $488 million in fiscal year 2021; diluted loss per share attributable to common shareholders was $0.89, up 187% from $0.31 per share in fiscal year 2021 Excluding some one-time items (not in accordance with GAAP), adjusted diluted earnings per share were $0.17, compared with adjusted diluted earnings per share of $0.50 in fiscal 2021, down 65 per cent from a year earlier.

For the whole year, Snap's cash from business operations was $185 million, compared with $293 million from business operations in the same period last year, down 37 per cent from a year earlier. Snap's full-year free cash flow was $55.3 million, compared with $223 million a year earlier, down 75 per cent from a year earlier.

Performance outlook: Snap said it did not provide an outlook for revenue or adjusted EBITDA for the fourth quarter of 2022 due to current uncertainties related to the operating environment.

Changes in stock prices:

Snap shares rose 47 cents, or 4.24 percent, to close at $11.56 in regular trading on the New York Stock Exchange. Snap shares fell 14.45 per cent, or $1.67, to $9.89 in after-hours trading as of 05:39 est on Tuesday (06:39 Beijing time on Friday). In the past 52 weeks, the highest price for Snap is $41.97 and the lowest price is $7.33.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.