Snap Inc. (NYSE:SNAP) Q3 2023 Earnings Conference Call October 24, 2023 5:30 PM ET

Company Participants

David Ometer - Head of Investor Relations

Evan Spiegel - Chief Executive Officer and Co-Founder

Derek Andersen - Chief Financial Officer

Conference Call Participants

Doug Anmuth - JPMorgan

Ross Sandler - Barclays

Rich Greenfield - LightShed

Mark Shmulik - Bernstein

Justin Post - Bank of America

Brian Nowak - Morgan Stanley

Lloyd Walmsley - UBS

Mark Mahaney - Evercore

Operator

Good afternoon, everyone, and welcome to Snap Inc.'s Third Quarter 2023 Earnings Conference Call. At this time, participants are in a listen-only mode.

I would now like to turn the call over to David Ometer, Head of Investor Relations.

David Ometer

Thank you, and good afternoon, everyone. Welcome to Snap's third quarter 2023 earnings conference call.

With us today are Evan Spiegel, Chief Executive Officer and Co-Founder; and Derek Andersen, Chief Financial Officer.

Please refer to our Investor Relations website at investor.snap.com to find today's press release, slides, investor letter, and investor presentation.

This conference call includes forward-looking statements which are based on our assumptions as of today. Actual results may differ materially from those expressed in these forward-looking statements and we make no obligation to update our disclosures. For more information about factors that may cause actual results to differ materially from these forward-looking statements, please refer to the press release we issued today, as well as risks described in our most recent Form 10-Q, particularly in the section titled Risk Factors.

Today's call will include both GAAP and non-GAAP measures. Reconciliations between the two can be found in today's press release. Please note that when we discuss all of our expense figures, they will exclude stock-based compensation and related payroll taxes, as well as depreciation and amortization and non-recurring charges. Please refer to our filings with the SEC to understand how we calculate any of the metrics discussed on today's call.

With that, I'd like to turn the call over to Evan.

Evan Spiegel

Hi, everyone, and thank you all for joining us.

Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted EBITDA as our reprioritized cost structure demonstrated the leverage in our business model. We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success. We also made progress toward diversifying our revenue with Snapchat+ reaching more than 5 million subscribers in the quarter, resulting in Snapchat+ revenue growing more than 250% year-over-year.