Snap shares rocket 28% after company reports unexpected profit, better-than-expected revenue
Publishing timestamp: 2024-04-26 16:29:26
Summary
Snap had its best day on the market since 2022 after reporting better-than-expected first-quarter results, including a surprise profit and exceeding analysts' estimates for sales and user numbers. The stock surged 28% and closed at $14.55, its biggest percentage gain since 2022. Despite a 31% plunge in February, Snap's revenue increased by 21% to $1.19 billion, with adjusted earnings per share of 3 cents. The company's investments in rebuilding its advertising business are starting to pay off, with improvements in the advertising platform and demand for direct-response advertising solutions. User growth was also better than expected, with 422 million daily active users in the first quarter. Snap expects to report revenue between $1.23 billion and $1.26 billion for the second quarter.
Sentiment: POSITIVE
Keywords: business news, breaking news: technology, snap inc, social media, technology, business,