Benzinga - by Erica Kollmann, Benzinga Staff Writer.
Snap Inc. (NASDAQ:SNAP) shares are trading higher after the company reported its first-quarter financial results after the bell Thursday. Here's a look at the highlights.
The Details:
Snap reported quarterly earnings of 3 cents per share, which beat the analyst consensus estimate of a loss of 5 cents per share.
Quarterly sales clocked in at $1.195 billion, which beat the analyst consensus estimate of $1.12 billion by 6.74% and represents a 20.88% increase over sales of $988.608 million from the same period last year.
The company reported 422 million daily active users in the first quarter, an increase of 39 million, or 10%, year-over-year. Total time users spent watching Spotlight content increased more than 125% year-over-year.
Snap said the number of Snapchat+ subscribers more than tripled year-over-year, surpassing 9 million subscribers in the first quarter, and the number of small and medium-sized advertisers on Snapchat increased 85% year-over-year.
“The value we provide our community and advertising partners has translated into improved financial performance,” said Evan Spiegel, CEO of Snap. “Our large, growing, and hard-to-reach community, brand-safe environment, and full-funnel advertising solutions have made us an increasingly important partner for businesses of all sizes.”
Outlook:
Snap sees second-quarter revenues between $1.225 billion and $1.255 billion, versus the $1.14 billion analyst estimate.
"As we enter Q2, we anticipate continued growth of our global community, and as a result, our Q2 guidance is built on the assumption that DAU will be approximately 431 million in Q2. We are focused on executing against our roadmap to deliver improvements to our DR advertising platform to drive improved results for our advertising partners and accelerate topline growth," the company said.
Related News: S&P Global Reports Q1 Results, Raises Revenue Guidance
SNAP Price Action: According to Benzinga Pro, Snap shares are up 24.5% after-hours at $14.23 at the time of publication Thursday.
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