Snapchat adds 7 million daily active users
Snap Inc.'s stock whipsawed Tuesday in after-hours trading after the company reported positive earnings but offered weaker-than-expected revenue growth estimates for the next quarter.
The big picture: The company beat analyst expectations by adding 7 million daily active users, including 5 million users overseas. Snapchat struggled to add users internationally last year prior to its Android redesign.
Details: The company's user base grew for the third straight quarter to 210 million daily active users. This is a big comeback from 2018, when the company's user growth stalled for a period of time.
By the numbers, via CNBC:
- Loss per share: $0.04 vs. $0.05 forecast by Refinitiv.
- Revenue: $446 million vs. $435.1 million forecast by Refinitiv.
- Global daily active users: 210 million vs. 207 million forecast by FactSet.
- Average revenue per user: $2.12 vs. $2.10 forecast by FactSet.
Between the lines: Investors were bullish ahead of earnings. The company's stock jumped about 8% Monday ahead of earnings off of a few bullish forecasts from Wall Street. Snapchat's stock has been up 150% over the past year.