on Thursday that beat analysts' estimates and showed a return to double-digit revenue growth. Shares soared more than 25% in extended trading.3 cents adjusted vs. a loss of 5 cents expected by LSEG: 422 million vs. 420 million expected, according to StreetAccountRevenue for Snap's first quarter increased 21% from $989 million in the same period last year.
Adjusted EBITDA for the first quarter was $46 million, far surpassing the $68 million loss expected by analysts, according to StreetAccount. In its investor letter, Snap said adjusted EBITDA "exceeded our expectations" and was primarily driven by operating expense discipline, as well as accelerating revenue growth.
For its second quarter, Snap expects to report revenue between $1.23 billion and $1.26 billion, up from the $1.22 billion expected by analysts, according to StreetAccount. Snap said adjusted EBITDA will fall between $15 million and $45 million, compared to Wall Street's expectations of $15.5 million.