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

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 23% in extended trading.$2.83 vs. $2.67 expected, according to StreetAccount

"I think more broadly, we saw a much more robust brand environment, which played out in all of our regions in Q1," Andersen said. "Given the progress we have made with our ad platform, the leadership team we have built, and the strategic priorities we have set, we believe we are well positioned to continue to improve our business performance," Snap wrote in the letter., which reported 27% growth in its better-than-expected first-quarter results on Wednesday. Meta shares plunged anyway after the company issued a light forecast and spooked investors with talk of its long-term investments.

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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