Snap Inc (NYSE:SNAP) surged nearly 12% Monday after a leaked internal memo revealed 2024 daily active user (DAU) projections that exceeded Street expectations.
The memo from CEO Evan Speigel said the social media company expects more than 475 million DAUs in 2024, according to a report from Verge on Friday. That’s higher than the 447 million estimate by Visible Alpha.
Snap also projects advertising revenue to increase more than 20% next year, above Street estimates of 14% growth.
Meanwhile, Rolls-Royce Holdings PLC (LSE:RR.) plans to cut roughly 2,500 jobs as part of CEO Tufan Erginbilgic’s cost-savings initiative at the UK jet-engine maker, Sky News reported.
The cuts, expected as soon as Tuesday according to unnamed sources close to the situation, would be the biggest at Rolls-Royce since the Covid-19 pandemic when airplanes around the world were grounded.
Elsewhere, with Netflix Inc (NASDAQ:NFLX) earnings coming on Wednesday, analysts at UBS have reduced their price target for the company to $500 from $525 in a note to clients.
Wall Street analysts expect the streaming company to report earnings of $3.47 per share on revenue of about $8.5 billion, which represents year-over-year growth of 7.5%.
“We expect 3Q results to be largely in-line with expectations, including similar subscription net adds and accelerating revenue,” analysts wrote. “...We also expect solid commentary for 4Q, including seasonally stronger subscription adds as well as further acceleration in revenue growth and stronger year-over-year margins.”