*By Chloe Aiello*
Shares of embattled social media company Snap soared more than 16 percent in extended trading on Tuesday, after the company beat Wall Street's expectations for its fourth-quarter financial results and reported users stayed relatively stable from a year ago.
Wedbush's Dan Ives said the results showed signs of progress.
"With a lot of these turnaround stories, it's not just one quarter ー you need a few quarters to really see these turnarounds take place, but no doubt it looks like a step in the right direction," Ives said.
Snap ($SNAP), which is best known for its application Snapchat, reported a loss of $0.04 per share on revenue of $390 million, beating Wall Street’s estimates of a $0.07 loss per share on $377.52 million in revenue, according to Thomson Reuters.
“We are substantially closer to achieving profitability, as we have maintained a relatively flat cost structure across the past five quarters while growing full-year revenue 43 percent year-over-year,” Snap CEO Evan Spiegel said in a statement.
In the ever-important category of daily active users, which measures audience engagement, Snap reported 186 million ー the same number as in the third quarter, and only slightly less than the 187 million it reported this time last year. Average revenue per user came in at $2.09 vs. $1.53 last year.
Snap also said 30 percent more users are using its Stories and Shows features daily.
Bruised by competition from Facebook’s ($FB) Instagram, and a virtual rotating door of executives, Snap’s stock is down close to 50 percent from last year.
Management employees who work for AT&T are now being offered paid time off to care for their loved ones.
Jade Warshaw, personal finance expert and co-host of 'The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.
As the country watches the financial situation and monitors decisions from the Federal Reserve, many may be re-evaluating what to do with their money, with interest and mortgage rates at some of the highest levels seen in decades. Mark Hamrick, Washington bureau chief and senior economic analyst with Bankrate, joined Cheddar News to provide tips on your money management as monetary policy continues to change.
A Dutch recruitment firm found that only 42% of employees who have been laid off this year actually received severance, down from 64% who received severance in 2021.
Direct deposit delays due to a human error that happened last week have resulted in some customers still not receiving their paychecks.
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
Nike is suing two of its competitors for alleged patent infringement.
Uber missed analysts' projections for earnings per share and revenue this past quarter. Cheddar News takes a closer look at the numbers and explains what to expect for the rest of the fiscal year.
Cheddar News breaks down some of the top business stories to look out for, including WeWork's bankruptcy filing and fast-fashion retailer Shein reportedly expecting a $90 million valuation upon its market debut. Plus, a new EV truck will have a backup gas generator.
