Snap Surges 25% on Q1 Earnings Beat, Revenue Growth, Despite $305M Loss

Apr 25, 2024, 08:33 PM

Snap Inc. reported a significant beat on its first-quarter earnings, surpassing Wall Street's expectations with an adjusted EPS of $0.03 compared to the expected loss of $0.05 per share. The company's revenue reached $1.195 billion, exceeding the forecast of $1.12 billion. This performance was driven by improvements in Snap's advertising platform. The company also reported a 10% year-over-year increase in daily active users, totaling 422 million, and an adjusted EBITDA of $45.7 million. Snap anticipates second-quarter revenues to be between $1.225 billion and $1.255 billion, against analysts' expectations of $1.21 billion. Following the announcement, Snap's stock price surged by approximately 25%, despite a net loss of $305 million.