SNAP Interactive, Inc. (“SNAP” or the “Company”) (OTC BB: STVI), a leading provider of online dating applications for social networking websites, today announced operating results for the quarter and full year ended December 31, 2008.
After daily use of the Facebook application, I’ve been playing around with Snap’s Are You Interested iphone app, a solid first attempt. I’m trying to use all of the mobile version of Snap, Viximo, Zoosk and all the other mobile dating apps. They’re all fun to try but as hard as I try it’s been difficult for me to check them more than once every few days as opposed to clicking on the emails sent by the application to my laptop. I’m older than the target demographic for these apps though.
Here are the highlights from Snap’s latest financials for 2008.
Q4 2008 Revenue: $1,087,144, as compared to $871,324 in Q3 2008 – a 28% increase
Full Year 2008 Revenue: $3,011,627, as compared to $424,564 in full year 2007 – a 609% increase
Revenue increased from $389,181 for the three months ended December 31, 2007 to $1,087,144 for the three months ended December 31, 2008, a 179% increase.
Revenue increased from $424,564 for the full year ended December 31, 2007 to $3,011,627 for the full year ended December 31, 2008, a 609% increase.
These revenues are primarily generated from advertisements and premium features placed on our various applications. The increase in revenue was primarily due to the growth of our applications and the increased usage in 2008 compared to the same time period in 2007. This increased activity resulted in more traffic to our applications which produced more impressions and clicks on advertisements displayed on our applications. Secondarily, our premium features on our applications gained traction in 2008 as well.
Net Income increased to $796,960 for the year ended December 31, 2008 from a loss of $914,997 for the year ended December 31, 2007, an increase of $1,711,957. EBITDA for the fiscal year ended December 31, 2008 was $946,510.
Based on the weighted average number of shares outstanding during the period (basic) of 10,420,680, SNAP reported net income of approximately $0.08 per share for the full year ended December 31, 2008, as compared to a net loss of ($0.09) for the full year ended December 31, 2007. On an EBITDA basis, SNAP earned $0.09 per share for the fiscal year ended December 31, 2008.
Snap is on track to make as much money as PlentyOfFish and they haven’t spent a single dime on customer acquisition, which is amazing.
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Good job. Smart guys. Well done.
Thank you for that Pagerank-increasing comment. I wish more people understood that Google doesn’t value links in blog comment identification much.
I wonder what the next quarter is like, facebook grew 28% in the last month alone.
2/3 of all FB growth is not in the US. My 85 year old great aunt is on FB now. Facebook has some serious growth still to come.
SNAP is in a great position to mint money for a while, especially if they translate into other languages. I’ve never once clicked on and ad in any Facebook application, who are these people clicking away all the time? Could be a nice $10/million year business for a few years. Not sure about long-term viability.
Pagerank, shmagerank. And for “not much”, please to be substituting “at all”.
WHEELS WITHIN WHEELS, MY STROPPY FRIEND. THE MERIDIAN OF IMPASSIONED COLLOQUIUM AWAITS US BOTH.
*recline, observe*
Proceed.
David, Facebook ads have some of the lowest click-through rates in the entire advertising industry. Social networks are generally the worst but Facebook is apparently towards the bottom of even that category. Their design is too clean so it’s very obvious what’s an ad and the ads that are run are generally poor quality. (Lose weight now and other such spam-email type of offers.)
Facebook applications though can drive a lot of traffic they manage to get traction. It’s now pretty hard to break through and get the initial amount of users using your application for it to “go viral” due to the sheer number of application but that should get better in time due to offerings like Facebook Connect which lets you integrate Facebook into your own site. If you already have traffic you’ll be able to leverage it through Facebook to drive new traffic through an application.