Snap announced its Snapchat+ subscription plan in June 2022, pitching it as a way for users to access exclusive features and updates for a monthly fee of $3.99.Īnalysts are following Snap's earnings for any signs of a recovery in the digital advertising market, which could be experiencing a modest rebound, according to several industry surveys. "We are excited by the progress we have made delivering increased return on investment for our advertising partners, growing our community to 397 million daily active users, and reaching more than 4 million Snapchat+ subscribers," Snap CEO Evan Spiegel said in a statement. As of June 30, 2023, the company had 5,286 full-time workers, according to the letter. Because of these cuts, Snap wrote in a Tuesday letter to investors that its operating expenses shrank 8% year-over year in the second quarter, reaching $615 million. Like many tech companies, Snap initiated a major cost-cutting plan in 2022 that included laying off 20% of the company's overall workforce of 6,400 at the time. Last quarter, Snap did not provide official guidance for the second quarter, instead disclosing an "internal forecast" for revenue estimates in the time period. As part of its guidance, Snap expects between $1.07 billion and $1.13 billion in total sales for the third quarter, which it said implies "negative 5% to flat year-over-year growth."Īnalysts were projecting Snap to report third-quarter sales of $1.13 billion along with 406 million daily active users in the same period. Snap also issued financial guidance for the third quarter that it says is "built on the assumption" that the company's daily active users will reach between 405 million and 406 million. The social messaging business managed to narrow its net loss by 11% to $377.3 million, or 24 cents per share, in its second quarter, which ended June 30, 2023, from $422.1 million, or 26 cents, during the year-earlier period. It's the second straight period of declining year-over-year revenue. The company's overall sales in the second quarter declined 4% from the $1.11 billion it logged in the previous year during the same period. Snap reported second-quarter results that topped analysts' estimates but provided a weaker-than-expected forecast for the current period. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Compare Standard and Premium Digital here.Īny changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel.Best Debt Consolidation Loans for Bad Credit You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month.įor cost savings, you can change your plan at any time online in the “Settings & Account” section. For a full comparison of Standard and Premium Digital, click here.Ĭhange the plan you will roll onto at any time during your trial by visiting the “Settings & Account” section. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Standard Digital includes access to a wealth of global news, analysis and expert opinion. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages.
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