Snap Beats on Bottom, Top Lines, Users; Shares Soar
Investing.com – Shares of social media company Snap rose sharply after hours following quarterly results that impressed investors on all fronts.
The maker of Snapchat reported a fourth-quarter net loss of 14 cents per share and an adjusted loss of 4 cents per share on revenue of $389.82 million.
According to Investing.com, analysts an adjusted loss of 7 cents per share on revenue of $376.79 million.
Shares of Snap (NYSE:) were more than 17% higher postmarket.
Daily active users, a key metric for social media companies, came in at 186 million for the quarter, higher than analysts’ expectations of 184.91 million, according to Refinitiv data.
“We do not foresee a sequential decline in daily active users in Q1 2019,” said Lara Sweet, Snap’s interim chief financial officer, in prepared remarks. She gave no specific outlook on user numbers.
For the first quarter, Snap said it expects revenue of $285 million to $310 million. That compares with the average analyst estimate for revenue of $307 million, according to data from Refinitiv.
— Reuters contributed to this report.
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