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Snap Inc. Class A (SNAP-2.95%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $5.4 billion for 2024, an increase from $4.6 billion in 2023. This growth was driven by a 16% increase in global advertising impressions.
Cost of revenue increased to $2.5 billion, primarily due to higher infrastructure costs associated with user growth and investments in machine learning and AI.
Research and development expenses decreased by 11% to $1.7 billion, attributed to lower employee compensation and stock-based compensation expenses.
Sales and marketing expenses decreased by 5% to $1.1 billion, driven by reduced employee compensation costs.
General and administrative expenses rose by 7% to $919 million, due to higher professional services and facilities costs.
Net loss for the year was $698 million, an improvement from a $1.3 billion loss in 2023.
Adjusted EBITDA increased to $509 million from $162 million in 2023, reflecting improved revenue and cost management.
Snap reported 453 million Daily Active Users (DAUs) in Q4 2024, up 9% year-over-year, with an average revenue per user (ARPU) of $3.44.
Snap Inc. entered into a new $750 million convertible notes agreement in 2024, maturing in 2030, with the proceeds used for general corporate purposes.
The company repurchased $311 million of its Class A common stock in 2024 under an authorized stock repurchase program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Snap Inc. Class A annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.