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On Feb. 6, 2024, after announcing it would reduce its job force by 10%, Snap reported disappointing Q4 and FY 2023 financial results and disappointing guidance for its March quarter, again unable to prove that it can be profitable on a GAAP basis. Quarterly revenues came in at about $1.36 billion, just a 5% year-over-year increase and missing analysts' consensus. While the company said that its daily active user base grew 10% year-over-year to 414 million, that rate decelerated from prior quarters. One analyst reportedly observed "‘Snap has failed to show the market its ability to capitalize on resilient ad spending across different parts of the economy.'" Following this news, on February 7, 2024, Snap shares dropped over 5% during intraday trading.
In order to be eligible to join the SNAP class action lawsuit, you must have incurred a loss on shares of Snap purchased during the class period listed above.
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