---
schema_version: "secwatch.filing_event.v1"
accession: "0001564408-23-000024"
form_type: "8-K"
ticker: "SNAP"
cik: "0001564408"
company_name: "Snap Inc"
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T08:56:00.055745+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Snap Q1 FY23 revenue down 7% YoY to $989M; DAU up 15% to 383M

## Summary
- Net loss narrowed to $329M (diluted EPS -$0.21) from $360M loss in prior year.
- Adjusted EBITDA tumbled 99% to $1M from $64M; operating loss widened 35% to $365M.
- Free cash flow $103M, down 3% YoY; no formal Q2 FY23 revenue or EBITDA guidance provided.
- Spotlight time spent grew >170% YoY; Snapchat+ exceeded 3M paying subscribers.

## SEC filing metadata
- accession: 0001564408-23-000024
- form_type: 8-K
- ticker: SNAP
- cik: 0001564408
- company_name: Snap Inc
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1564408/000156440823000024/0001564408-23-000024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1564408/000156440823000024/snap-20230427.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564408-23-000024
- JSON: https://secwatch.observer/filing/0001564408-23-000024.json
- Plain text: https://secwatch.observer/filing/0001564408-23-000024.txt

## Key facts
- Earnings Releases
  Snap Inc reported the three months ended March 31, 2023 results: revenue $ 988,608, net income $ (328,674), EPS $ (0.21).
  - Period: the three months ended March 31, 2023
  - Revenue: $ 988,608
  - Net income: $ (328,674)
  - EPS: $ (0.21)
  - Result: reported results
  source text: Three Months Ended March 31, Percent Change 2023 2022 (Unaudited) (in thousands, except per share amounts) Revenue $ 988,608 $ 1,062,727 (7) % Operating loss $ (365,264) $ (271,527) (35) % Net loss $ (328,674) $ (359,624) 9 % Adjusted EBITDA (1) $ 813 $ 64,468 (99) % Net cash provided by (used in) operating activities $ 151,102 $ 127,459 19 % Free Cash Flow (2) $ 103,472 $ 106,284 (3) % Diluted net loss per share attributable to common stockholders $ (0.21) $ (0.22) 5 %
  evidence_url: https://www.sec.gov/Archives/edgar/data/1564408/000156440823000024/0001564408-23-000024-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.