Snap shares drop 7% despite Q4 results, outlook topping expectations
Social networker Snap this afternoon reported Q4 revenue and profit that topped analysts' expectations, and forecast revenue this quarter higher as well.
The report sent the shares down about 7% in late trading.
Said CEO Evan Spiegel, "We're grateful for the opportunity to serve our community and partners through this challenging period of time."
Spiegel said the company was "proud of the strong results we delivered for our advertising partners this quarter and over the full year."
He also noted it was the first full year for profit on an adjusted basis, or EBITDA, which totaled $45 million for the year.
Said Spiegel, "As we look towards the future, we're excited to build on our investments in augmented reality, mapping, and content to drive our ongoing growth."
Daily average user count for the disappearing-message service rose by 47 million, year over year, to $265 million, the company said.
Snap said that over 200 million people were using its augmented reality application on a daily basis.
Revenue in the three months ended in December rose to $911 million, yielding EPS of 9 cents.
Analysts had been modeling $852 million in revenue and seven cents per share.
For the current quarter, the company sees revenue in a range of $720 million to $740 million, higher than consensus for $700 million.