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Snap Shares Up on Strong User Growth, While Earnings Miss Expectations By Investing.com

© Reuters. Snap Shares Up on Strong User Growth, While Earnings Miss Expectations

After initially selling off following its earnings report, Snap (NYSE:) shares were trading around 6% higher following first-quarter results which showed better-than-expected user growth, while EPS of ($0.02) came in worse than the consensus estimate of $0.01.

Revenue grew 38% year-over-year to $1.06 billion, slightly lower than the consensus estimate of $1.07 billion. Daily Active Users increased by 52 million or 18% year-over-year to 332 million.

“Our first quarter results reflect the underlying momentum in our business through a challenging operating environment, as we grew our community 18% year-over-year to reach 332 million, and grew our revenue 38% year-over-year to reach $1.06 billion for the quarter,” CEO Evan Spiegel commented.

The company provided its Q2/22 outlook, expecting revenue growth to be 20-25% year-over-year and adjusted EBITDA to be between breakeven and $50 million.

Shares of SNAP are down 37% year-to-date.

By Davit Kirakosyan

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