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Snap Surges as Loss Narrows, Users Jump

Stock MarketsJul 23, 2019 05:09PM ET
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© Reuters.

Investing.com - Shares of social media company Snap (NYSE:SNAP) jumped in after-hours trading on a strong earnings report where it topped expectations across the board.

The maker of Snapchat reported a second-quarter loss of 6 cents per share, much narrower than the loss of 22 cents per share forecast by analysts polled by Investing.com.

Revenue came in at $388 million, better than the $360 million expected.

Daily active users, a key measurement for engagement, were 203 million, better than the 192 million Wall Street was looking for.

The stock rose more than 11% in after-hours trading, adding to gains of nearly 5% in regular trading.

Looking ahead, Snap said it expect third-quarter revenue of $410 million to $435 million and an adjusted loss of $85 million to $60 million, both ahead of estimates from S&P Capital IQ.

Snap expects daily active users to be between 205 million and 207 million in the third quarter, Chief Financial Officer Derek Andersen said.

After struggling last year with declines in users and high executive turnover, Snap finally returned to growth in the first quarter. In recent months, it scored wins with its augmented reality lenses and the launch of mobile games within Snapchat in partnership with game developers such as Zynga Inc (O:ZNGA).

One such lens, which allow users to change their gender in photos, has gone viral among Snapchat users.

-- Reuters contributed this report.

Snap Surges as Loss Narrows, Users Jump
 

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