Snap Inc. reported fourth-quarter financial results that surpassed analyst expectations. The company posted revenue of $1.72 billion, a 10% increase year-over-year, and a surprise net income of $45 million, or $0.03 per share, compared to analyst estimates of a loss. [2, 5] Despite the strong earnings, Snap's daily active users (DAU) came in at 474 million, missing Wall Street expectations and declining by 3 million from the prior quarter. The company attributed the sequential user decline to a reduction in marketing investments. [8, 9] Looking forward, Snap provided a revenue forecast for the first quarter of $1.50 billion to $1.53 billion, below analysts' consensus estimate. [10] The company also announced that its board has authorized a stock repurchase program of up to $500 million. [5, 8]