Snap Shares Soaring After Q1 Earnings Beat, 190M Daily Active Users

Snap Inc SNAP shares are soaring after a first-quarter earnings beat.

Adjusted earnings came in at $(0.10), beating estimates by 2 cents. Sales came in at $320.426 million, beating estimates by $13.92 million.

The company sees second-quarter sales of $335 million-$360 million, against a $348.04-million consensus estimate.

"In the first quarter we delivered strong results across our business with growth in daily active users and revenue," said CEO Evan Spiegel. "Our new Android application is available to everyone, with promising early results. This month we announced several new products that we believe will drive further engagement and monetization. As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth."

Highlights

• Daily active users (DAU) increased 2 percent sequentially to 190 million. Estimates called for 186.8 million
• Q1 revenue increased 39 percent
• Snapchat reaches 90 percent of all 13-24 year-olds

Snap shares were up 7.5 percent to $12.93 in after-hours trading. The stock closed higher by 4 percent to $11.99 in Tuesday's regular session.

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