Business

Snap crushes earnings expectations as revenue more than doubles

Snap Inc. saw revenue more than double in its latest quarter, easily topping expectations amid a continued recovery in the advertising market.

Shares jumped 13% in after-hours trading after the company posted second-quarter revenue of $982 million, up from $454 million a year earlier and well ahead of the $846 million reported by other companies. Analysts tracked by FactSet had predicted.

The social media company added 13 million consecutive average daily users during the period, bringing the total to 293 million. FactSet consensus called for 10 million net additions.

Snap
SNAP,
-0.66%

halved its loss, recording 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, while a year earlier it posted a 9% loss per share. promissory note. Analysts tracked by FactSet were expecting an adjusted loss of 1 cent per share.

“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users by the most we’ve seen in four years. past,” CEO Evan Spiegel said in a statement.

Peer-to-peer social media Twitter Inc.
TWTR,
+ 0.04%

also posted upbeat results Thursday afternoon and its shares jumped 8% in after-hours trading.

The earnings come amid a busy year for Snap, which has seen its stock rise 25% so far in 2021 as the S&P 500 goes by the name.
SPX,
+ 0.20%

increased 16%. The company has been capitalizing on a resurgence in the advertising market, especially against the quieter backdrop of the early days of the pandemic. It was also build features beyond messaging, can bring in more revenue.

Snap has been trying to dive deeper into the world of commerce and earlier this week announced that it has partnered with Verishop that will use augmented reality to help consumers discover different fashions. Snap has made some shopping related conversions the begin of the year.

For the current quarter, Snap expects revenue between $1.070 billion and $1.085 billion. FactSet consensus is $1.014 billion.

https://www.marketwatch.com/story/snap-crushes-earnings-expectations-as-revenue-more-than-doubles-11626985782?rss=1&siteid=rss | Snap crushes earnings expectations as revenue more than doubles

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