Snap Inc. shares rose sharply 8% in retrospective trading on Tuesday after the social media company made expectations with the latest finance and user numbers.
The company reported a net loss of $ 310 million in the first quarter, or 23 cents per share, compared to a net loss of $ 386 million, or 30 cents per share in the quarter. Snap s
SNAP, + 3.99%
Adjusted loss per share for the period was 10 cents, while analysts examined by FactSet had predicted 1
Revenue for Snap rose to $ 320 million from $ 230.7 million the year before. Snaps revenue came across the Factset consensus, which required $ 305.7 million. For the current quarter, Snap projects $ 335 million to $ 360 million in revenue, while analysts have modeled $ 346 million.
The company added 4 million users in the quarter, and gathered its total count to 190 million and marked the first time in a year as the company increased its daily active user count. Analysts had modeled 2 million net supplements.
The company began rolling out its redesigned Android app during the first quarter, addressing a key issue that was believed to hold back user growth and engagement, including emerging markets. CEO 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 to make large fluctuations after earnings, with the stock moving with two-digit percentages after seven of the company's first eight quarterly reports as a public company before today.
The stock has increased 118% so far this year, while S & P 500
SPX, + 0.88%
has increased 17%.