Snap, the parent company of photo-sharing app Snapchat, defied analysts expectations in the first quarter of 2019 — and its better-than-expected revenues, user numbers, and earnings per share have sent its stock soaring.
The company saw revenues of $320 million in the quarter, besting consensus estimates of $307.4 million and growing 39% year-on-year. And it enjoyed 190 million daily active users, versus an 186.8 million prediction. The results are welcome news for the company, which has struggled as it faces sustained pressure from Facebook-owned Instagram, and suffered in the wake of a widely criticised redesign in 2018. But even prior to Tuesday's results, Snap's stock has been making a comeback: Prior to market close, it was hovering at around $12 a share — up more than 100% from lows of less than $5 in December 2018.
Snap's stock initially leapt as much as 12% in after-hours trading on the news, and as of writing it is currently up nearly 8% on the CEO Evan Spiegel hailed the company's growth in daily users and revenues in a statement, and said the company's new Android app — long promised as a key to unlocking future growth — was yielding"promising early results.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: CNBC - 🏆 12. / 72 Read more »