As it preps Specs for the masses, Snap’s Q4 shows revenue growth but fewer daily users

Core Insights - Snap is diversifying its revenue sources, moving from a reliance on ad revenue to include subscriptions and hardware [2] Financial Performance - In Q4, Snap's revenue reached $1.7 billion, marking a 10% year-over-year increase [3] - Average revenue per user increased slightly to $3.62 from $3.44 [3] - Net income rose to $45 million from $9 million the previous year [3] - Snap+ subscribers grew by 71% year-over-year, reaching 24 million [3] User Metrics - Daily active users decreased from 477 million to 474 million, with declines in North America and Europe, while growth was observed in other regions [4] Future Outlook - The company anticipates Q1 revenue to fall below analysts' estimates due to competition from Facebook, Instagram, and TikTok [5] - CEO Evan Spiegel highlighted new offerings, including charging for Memories storage and plans to launch augmented-reality glasses, Specs [6] - A new subsidiary, Specs Inc., has been created to focus on the development of the glasses [6] - Spiegel emphasized the importance of establishing a strong brand for Specs, targeting a different audience segment [7] - The strategy for Specs is still being refined, with a focus on delivering an extraordinary product at launch [7]