Snap Inc. (NYSE:SNAP) today announced financial results for the fourth quarter ended December 31, 2018.
The Santa Monica-based company reported Wednesday operating cash flow improved by $50 million to $(126) million in Q4 2018, compared to the prior year. Free Cash Flow improved by $49 million to minus $149 million in Q4 2018, compared to the prior year.
Revenue increased 36% to a record $390 million in Q4 2018, compared to the prior year. Its operating loss improved $166 million to $195 million in Q4 2018, compared to the prior year. Net loss improved $158 million to minus $192 million in Q4 2018, compared to the prior year.
Said CEO Evan Spiegel, "In 2018, we focused on building a foundation to scale the business over the long-term by driving sustainable product innovation, scaling our advertising platform, and hiring the leadership team that will help us achieve our future goals.
"We ended the year with user engagement stabilizing and have started rolling out the new version of our Android application to a small percentage of our community. 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% year-over-year."
Snap prided itself on ending the year stabilizing Daily Active Users and enhancing engagement across key metrics: DAUs were 186 million in Q4 2018, compared to 187 million in Q4 2017 and 186 million in Q3 2018.
Shares hiked $1.86, or 26.5% to $8.90
