CEO Evan Spiegel told employees in a memo that Snap could log more than 475 million daily active users and more than 20% in full ads revenue growth in 2024.
Evan Spiegel, the company's co-founder and CEO, told employees in a memo that Snap will log more than 475 million daily active users in 2024, beating analysts' projections of 448 million, tech publication the Verge reported Friday.
The memo also projected that full-year advertising revenue growth will be over 20% for 2024, which Bernstein analyst Mark Schilsky noted in his Tech Specialists newsletter is better than consensus expectations of a little over 14%.shares rose nearly 12% on Monday following reports of an internal CEO memo indicating that the social messaging company could post better-than-expected results for 2024.
Evan Spiegel, the company's co-founder and CEO, told employees in a memo sent in September that it will log more than 475 million daily active users in 2024, beating analysts' projections of 448 million, the Verge The memo also projected that its full-year advertising revenue growth will be more than 20% for 2024, which Bernstein analyst Mark Schilsky noted in his Tech Specialists newsletter is better than consensus expectations of a little over 14%.The memo also projected 2023 adjusted EBITDA of $500 million, which Bernstein added would be a"sizeable beat" compared with current analyst projections of $250 million.
Snap confirmed the projections cited in the memo with CNBC but characterized them as"stretch, internal goals only.""Stop doing this! For the love of your shareholders stop putting out aspirational goals like this," Schilsky wrote."I know this was an internal memo, but management must have known it was going to leak.
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