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Snap shares soar 23% as company beats on earnings, shows strong revenue growth

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Snap reported first-quarter results that beat analysts’ estimates

Snap reported first-quarter results Thursday that beat analysts' estimates for earnings and revenue.on Thursday that beat analysts' estimates and showed a return to double-digit revenue growth. Shares soared more than 22% in extended trading.$2.83 vs. $2.67 expected, according to StreetAccountRevenue for Snap's first quarter increased 21% from $989 million in the same period last year.

Advertising revenue came in at $1.11 billion in the first quarter. Snap's"Other Revenue" category, which is primarily driven by Snapchat+ subscribers, reached $87 million, an increase of 194% year over year. Snap reported more than 9 million Snapchat+ subscribers for the period.Adjusted EBITDA for the first quarter was $46 million, far surpassing the $68 million loss expected by analysts, according to StreetAccount.

Snap's net loss for the quarter narrowed to $305.1 million, or a 19 cent loss per share, from $328.7 million, or a 21 cent loss per share, the year prior. Snap reported 422 million daily active users in the first quarter, up 10% year over year. The company expects to report around 431 million DAUs in its second quarter, up from the 430 million expected by StreetAccount.

 

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