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

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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.

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