Snap stock jumps over 10% after user growth, revenue beat
The company reported a first-quarter net loss of $310 million, or 23 cents a share, compared with a net loss of $386 million, or 30 cents a share, in the year-earlier quarter. Snap’s SNAP, +3.99% adjusted loss per share for the period was 10 cents, whereas analysts surveyed by FactSet had been predicting 12 cents. A year ago, Snap reported a 17-cent loss per share.
Revenue for Snap rose to $320 million from $230.7 million a year prior. Snap’s revenue came in above the FactSet consensus, which called for $305.7 million. For the current quarter, Snap projects $335 million to $360 million in revenue, whereas analysts had been modeling $346 million. The company added 4 million users in the quarter, bringing its total count up to 190 million and marking the first time in a year that the company grew its daily-active-user count. Analysts had been modeling 2 million net additions.
The company began to roll out its redesigned Android app during the first quarter, addressing a key issue that was thought to be holding back user growth and engagement, including in emerging markets. Chief Executive Evan Spiegel said in the company’s earnings release that the new app was now available everywhere, “with promising early results.”
Snap’s shares are known for making big swings after earnings, with the stock moving by double-digit percentages following seven of the company’s first eight quarterly reports as a public company prior to today.Emily Bary Emily Bary is a MarketWatch reporter based in New York.
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