10 Firms Defy Wednesday’s Broader Market Optimism

6. Snap Inc. (NYSE:SNAP)

Snap shares dropped 8.36 percent on Wednesday to end at $10.63 apiece despite announcing improvements in its earnings performance in the fourth quarter and full year of 2024.

In a statement, Snap Inc. said it swung to a net income of $9.1 million in the fourth quarter of 2024, reversing a $248 million net loss in the same period a year earlier. However, it remained at a net loss of $698 million in the full year 2024, albeit a 46-percent improvement from the $1.3 billion net loss in 2023.

Revenues for the quarter increased by 14.7 percent to $1.56 billion from $1.36 billion year-on-year, while revenues for the full year marked a growth of 16.5 percent at $5.36 billion from $4.6 billion in 2023.

For the first quarter of the year, Snap said it projects revenues to settle between $1.33 billion and $1.36 billion, as well as adjusted EBITDA between $40 million and $75 million.