Snap Inc.’s shares rose more than 6% after the social-media company posted first-quarter results that surpassed analyst estimates in a volatile day for tech stocks.
The parent company of Snapchat did announce an adjusted break-even quarter. FactSet analysts had expected an adjusted net loss of 5 cents a share in Q1. A key metric, Snap’s average daily active users , which measures user growth that helps the company determine how much it is able to charge for advertising, outperformed estimates. Snap reported DAUs jumped 22% to 280 million, compared to the 274.6 million forecast by FactSet.Snap offered second-quarter revenue guidance of $820 million to $840 million, compared to the $824 million estimated by FactSet.