Revenue for the three months ended Dec. 31 was $1.36 billion, up from $1.3 billion a year ago but below Wall Street projections of $1.38 billion for Snapchat’s parent company. Net losses for the fourth quarter narrowed to $248 million, from $288 million a year earlier. “2023 was a pivotal year for Snap, as we focused relentlessly on adding value to our community while evolving our business for long-term growth,” Evan Spiegel, the company’s chief executive, said in a letter to investors. On Monday, Snap laid off more than 500 workers, or about 10 percent of its global work force, part of a bigger wave of targeted cuts by tech companies this year. “While this decision was painful, and we will miss our friends and colleagues, we believe these changes are necessary to achieve our long-term goals” and manage expenses, Mr. Spiegel said in the letter.

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Persons: ” Evan Spiegel, Spiegel Organizations: Revenue