Snap Inc

Snap Inc. announced that its board of directors approved an increase in board size from twelve to thirteen members. Luke Wood was appointed to fill the newly created vacancy, effective May 20, 2026. Mr. Wood brings extensive experience from his previous roles as President of Beats by Dr. Dre and Vice President at Apple Inc., and currently serves as CEO of Violet St Holdings, LLC. He will be compensated under the company's Non-Employee Director Compensation Policy.

Snap Inc. announced the appointment of Douglas Hott as its new Chief Financial Officer and principal financial officer, effective May 9, 2026. Mr. Hott will receive an annual salary of $1,000,000 and was granted restricted stock units worth at least $14,900,000, vesting over thirty-three months. He will also be eligible for annual equity awards with an initial target value of $6,000,000.

Snap Inc. reported a 12.1% increase in Q1 2026 revenue to $1.53 billion, with net loss significantly narrowing to $89.0 million from $139.6 million in the prior year. The company also saw a substantial rise in net cash provided by operating activities, reaching $326.8 million. Snap continued its share repurchase program, buying back $350.5 million of Class A common stock, and made business acquisitions totaling $51.7 million.

Snap Inc. reported strong first-quarter 2026 financial results, with revenue increasing 12% year-over-year to $1.53 billion and Adjusted EBITDA surging 115% to $233 million. The company also saw significant improvements in net loss, operating cash flow, and free cash flow. User engagement grew, with Global DAU and MAU both up 5% year-over-year, and the company highlighted progress in advertising performance, revenue diversification through "Other Revenue" (+87% YoY), and strategic investments in Specs and AI-powered features.

Snap Inc. announced that Derek Andersen will step down as Chief Financial Officer, effective May 8, 2026, to pursue a new professional opportunity. The company confirmed that his departure is not due to any disagreements regarding accounting, strategy, or operations. Doug Hott, currently the Vice President of Finance, Strategy, and Corporate Development, will succeed Andersen as the new CFO. Hott has been with Snap Inc. in various finance leadership roles since August 2019.

Snap Inc. provided an updated financial outlook for the first quarter of 2026, estimating total revenue of approximately $1.529 billion, representing 12% year-over-year growth, and adjusted EBITDA of $233 million. Concurrently, the company announced a plan to reduce its global full-time employee headcount by approximately 16%. This restructuring is intended to streamline operations and accelerate the path toward net-income profitability, with estimated pre-tax charges ranging from $95 million to $130 million.