Why Snap Shares Are Rising

Snap Inc SNAP shares are trading higher by 53% at $37.50 Friday morning after the company reported better-than-expected fourth-quarter EPS and sales results and issued first-quarter sales guidance above estimates. The company also reported Daily Active Users increased 20% year over year.

Snap reported quarterly earnings of 22 cents per share which beat the analyst consensus estimate of 10 cents. The company reported quarterly sales of $1.30 billion which beat the analyst consensus estimate of $1.20 billion by 8%.

“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community,” said Evan Spiegel, CEO. “The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera.”

See Also: Read How Analysts Reacted To Snap's Q4 Results

Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions.

Snap has a 52-week high of $83.34 and a 52-week low of $24.32.