A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017.
REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 16 (Reuters) - Snap (SNAP.N) shares jumped 11% on Monday after a media report said the social media company is expected to have more than 475 million daily active users (DAUs) in 2024, above Wall Street expectations.
Snap also expects advertising revenue to grow more than 20% in 2024 as part of its "stretch goals", the report said, putting it above Wall Street estimates of 14% growth.
Snap was the first ad-reliant social media firm to flag a demand downturn last year as brands cut budgets amid red-hot inflation and high interest rates.
Macroeconomic woes coupled with rising competition from social media platforms like Tiktok, saw Snap lose 80% of its valuation last year.
Persons:
Lucas Jackson, Evan Speigel, Bernstein, Mark Schilsky, Chavi Mehta, Tasim Zahid
Organizations:
Inc, New York Stock Exchange, REUTERS, Thomson
Locations:
New York City , New York, U.S, Bengaluru