Snap shares soar after better-than-expected Q1 results
Snap shares climbed 10% in aftermarket trading on Tuesday, following quarterly results that beat Wall Street analyst expectations on both the top and bottom lines.
What happened: Snap recently released its long-awaited redesign of its Android app, which executives said should rejuvenate its growth and user engagement. It also recently held its first conference for outside partners, revealing new plans to open up its garden walls.
By the numbers:
- Loss per share: 10 cents per share vs. 12 cents per share expected, per Yahoo Finance.
- Revenue: $320.426 million vs. $306.48 million expected, per Yahoo Finance.
- Average revenue per user: $1.68 vs. $1.62 forecast by FactSet.
- Global daily active users: 190 million vs. 187.22 million forecast by FactSet.
Snap also shared that its new Android app is 25% smaller, opens 20% faster on average, and that on lower-performing devices, it led to a 6% bump in the number of users sending photos or videos within the first week of upgrading to the improved version.
Editor's note: This story has been updated with additional details about Snap's Android app.