Snap, the maker of Snapchat, saw its stock price shoot up as much 11% in after-hours trading on Tuesday after beating analyst expectations. However, the stock gave up most of those gains during the company's earnings call, as investors digested the numbers a bit more. It's currently up only about 1%.The company posted a slimmer-than-expected loss for the first quarter as it continued to grow its user base and advertising revenue.
Snap kept its user growth momentum going on Tuesday, saying it now counts 190 million daily active users, up from 186 million last quarter. Snap's share price is up more than 100% year to date after a fast start in 2019. Besides resurging user growth, Snap has announced a new gaming platform, new original shows, an ad network and more augmented reality features. The company has also completed the roll out of its re-engineered Android app.
"As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth," Spiegel said. Snap competitor Twitter had a strong earnings report earlier in the day on Tuesday, with better-than-expected earnings and user growth sending the stock up more than 15%."Our primary concern is when you have a younger millennial audience on this platform, can you monetize this audience?" said Brent Thill of Jefferies.
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