Snap Q4 2023 Earnings: DAUs reached 414 million, up 10% year-over-year

Snap this month reported Q4 2023 results, with growing daily active users (DAUs), strong engagement, and progress on monetization initiatives.

Luis Rijo

Feb 12, 2024 - 1 min read

Snap this month reported Q4 2023 results, with growing daily active users (DAUs), strong engagement, and progress on monetization initiatives. Here are the key highlights:

Engagement:

DAUs reached 414 million, up 10% year-over-year.
Spotlight content views jumped 175% YoY, and monthly users grew 35%.
Public Stories by Snap Stars increased over 125% YoY in the US.

Monetization:

Snapchat+ subscription service reached 7 million subscribers.
New AI features for subscribers drive engagement and potential ad revenue.
7/0 Pixel Purchase model led to a 90%+ increase in purchase conversions.
Snap Promote simplifies ad creation for new advertisers.
Creator Collab Campaigns connect brands with influential creators.
AR Lenses viewed over 3 trillion times, with 300M daily users engaging.

Looking ahead:

Q1 2024 DAU guidance of 420 million.
Revenue expected to grow 11-15% YoY.
Focus on improving direct-response ad platform for better results.

What it means for marketers:

Snap's growing and engaged user base offers a valuable audience.
New ad formats and features create opportunities for creative campaigns.
AR capabilities can enhance brand experiences and drive results.
Investing in Snap early in its monetization journey could be advantageous.

Despite positive results, Snap still faces challenges, including profitability and competition. Revenue was $1,361 million, compared to $1,300 million in the prior year, an increase of 5% year-over-year. Net loss was $1,322 million in 2023, compared to $1,430 million in 2022.