Jul 23, 2019 - Technology

Snap stock price up after beating Q2 analyst expectations

Photo of close-up of Snapchat's mobile app icon on a smartphone.

Photo: Thomas Trutschel/Photothek via Getty Images

Snap's stock price shot up more than 6% on Tuesday after the company beat analyst expectations, posting $388.02 million in revenue.

By the numbers: The gains surprised investors, as the stock was expected to post at $359.56 million, and $0.06 loss per share (vs. a $0.10 expected loss). Snap also added 13 million new daily active users this quarter.

Why it matters: Snap's share price has been steadily climbing since hitting its lowest price at $4.99 last December. The company seeks to make a comeback from stumbles like a mobile app redesign that failed to impress.

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