Sumary of Snap stock jumps 13% as earnings crush estimates:
- Shares were up 13% in after-hours trading after the company posted second-quarter revenue of $982 million, up from $454 million a year earlier and vastly ahead of the $846 million that analysts tracked by FactSet had been projecting.
- The social-media company added 13 million daily average users sequentially in the period, bringing its total to 293 million.
- Snap SNAP, -0.66% cut its losses in half, posting a net loss of $151.6 million, or 10 cents a share, compared with a loss of $326.0 million, or 23 cents a share, a year earlier.
- After adjusting for stock-based compensation and other expenses, Snap surprised with positive earnings per share of 10 cents, whereas it posted a 9-cent loss per share a year earlier.
- “Our second-quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” Chief Executive Evan Spiegel said in a statement.
- Social-media peer Twitter Inc. TWTR, +0.04% also posted upbeat results Thursday afternoon and its shares were up 8% in after-hours trading.