Snap shares surge after the social media giant topped Q4 earnings expectations
Snap surged over 10% after the social media company topped fourth-quarter earnings expectations, though the stock proceeded to pare much of that advance. Adjusted earnings per share came in at $0.16 versus Wall Street’s expectations of $0.14. Revenue jumped 14% to $1.56 million, narrowly surpassing Wall Street’s expectations of $1.55 billion. Meanwhile, net income hit $9 million, a sharp turnaround from the $248 million loss during the same quarter last year.
Snap reported that users shared over 1 billion snaps each month during the quarter. Its revenue forecast for the current quarter of $1.33 billion to $1.36 billion was marginally ahead of Wall Street’s expectation for 1.33 billion.
Despite the post-earnings rally, Snap shares are down 25% over the past year.
Snap reported that users shared over 1 billion snaps each month during the quarter. Its revenue forecast for the current quarter of $1.33 billion to $1.36 billion was marginally ahead of Wall Street’s expectation for 1.33 billion.
Despite the post-earnings rally, Snap shares are down 25% over the past year.
