snap incorporation

With over 363 million daily active users (DAUs), the growth of their community continues expanding their long-term opportunity. It witnessed a hike of 19 per cent year-over-year as they navigate this volatile macroeconomic environment. Also, it recorded a growth of 55 per cent YoY in total time spent watching Spotlight content

Snap, reported a growth in its revenue by 6 per cent year-over-year (YoY) to 1,128 million dollar in the third quarter of 2022. Snap is the parent company of widely known mobile application Snapchat.

According to the company, the net loss was 360 million dollar, included restructuring charges of 155 million dollar, as compared to 72 million dollar for the previous year.

The CEO of the company, Evan Spiegel, said in a statement that in this quarter, to focus our business on our three strategic priorities, we undertook certain actions. Those priorities being growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth and investing in augmented reality.

He added that with over 363 million daily active users (DAUs), the growth of their community continues expanding their long-term opportunity. It witnessed a hike of 19 per cent year-over-year as they navigate this volatile macroeconomic environment.

The DAUs in the third quarter saw an increase of 57 million or 19 per cent to 363 million YoY. A sequential increase was witnessed and it kept on going up year-over-year in each of North America, Europe and the rest of the world.

Also, it recorded a growth of 55 per cent YoY in total time spent watching Spotlight content. On the other hand, the daily average time spent for Snapchatters and older watching Shows and publisher content increased by 35 and 40 per cent YoY, respectively.

Snap initiated a strategic reprioritisation plan in the third quarter of 2022 showed a reduction of their global employee headcount nearly by 20 per cent.

The company said that it incurred 154.6 million dollar against restructuring charges in the third quarter of 2022. It composed primarily of severance and related charges, stock-based compensation expense, lease exit and related charges, impairment charges, and contract termination charges.