Snap Inc. Saw Its First Profitable Quarter as a Public Company
Snapchat’s parent company also saw its revenue increase to $4.1 billion USD last year.
Snap Inc. on Thursday released its fourth quarter and full year 2021 financial results, noting positive net income for the first time as a public company.
For the full year ended December 31, Snap’s revenue increased 64% to $4.1 billion USD. Net loss improved 48% to $488 million USD in 2021, and it was also the first full year of positive operating cash flow and Free Cash Flow of $293 million USD and $223 million USD.
In Q4 2021, the camera and social media company’s revenue increased 42% to $1.3 billion USD. Notably, the company saw its first quarter of positive net income as a public company of $23 million USD.
“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community,” said CEO Evan Spiegel in the release. “The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera.”
The company said that it innovated its augmented reality platform and invested in its content offerings last quarter, yielding positive results. Looking forward, it estimates that revenue in Q1 2022 will be between $1.030 million USD and $1.080 million USD.
The company, which names Snapchat, Spectacles and Bitmoji as its products and services, went public in 2017. Its shares soared as much as 62% after hours on Thursday following its financial release, according to CNBC.
In other news, Meta lost $10 billion USD building out the metaverse in 2021.
