News Formal

Snap shares rocket 28% after company reports unexpected profit, better-than-expected revenue

  • 📰 CNBC
  • ⏱ Reading Time:
  • 27 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 72%

Technology News

Business,Social Media,Breaking News: Technology

Snap shares soared on Friday after the company provided uplifting results, suggesting its online ad business is getting back on track.

"I think more broadly, we saw a much more robust brand environment," CFO Derek Andersen said on the earnings call.

Revenue in the first quarter increased 21% to $1.19 billion from $989 million a year earlier, topping analysts' estimates for sales of $1.12 billion, according to LSEG. Snap said adjusted EBITDA "exceeded our expectations" and was primarily driven by operating expense discipline, as well as accelerating revenue growth.

"I think more broadly, we saw a much more robust brand environment, which played out in all of our regions in Q1," CFO Derek Andersen said on the earnings call.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Plugin EVs Take Nearly 28% Market Share in France in MarchIn March, plugin electric vehicles (EVs) accounted for 27.9% of the auto market in France, showing growth compared to the previous year. Full electric volume increased by 11% year-on-year, while plugin hybrid volume grew by 4%. The Peugeot e-208 remained the top-selling full electric vehicle for the third consecutive month.
Source: cleantechnica - 🏆 565. / 51 Read more »