Apr 23, 2019

Snap shares soar after better-than-expected Q1 results

Kia Kokalitcheva

Photo illustration by Greg Ruben / Axios

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.

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  1. Global: Total confirmed cases as of 8 a.m. ET: 1,131,713 — Total deaths: 59,884 — Total recoveries: 233,591 — Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 278,458 — Total deaths: 7,159 — Total recoveries: 9,897 — Map.
  3. Public health latest: The CDC is recommending Americans wear face coverings in public to help stop the spread of the coronavirus. The federal government will cover the costs of COVID-19 treatment for the uninsured, Health and Human Services Secretary Alex Azar said.
  4. 2020 latest: "I think a lot of people cheat with mail-in voting," President Trump said of the 2020 election, as more states hold primaries by mail. Montana Gov. Steve Bullock said Friday that every county in the state opted to expand mail-in voting for the state's June 2 primary.
  5. Business updates: America's small business bailout is off to a bad start. The DOT is urging airlines to refund passengers due to canceled or rescheduled flights, but won't take action against airlines that provide vouchers or credits.
  6. Oil latest: The amount of gas American drivers are consuming dropped to levels not seen in more than 25 years, government data shows. Trump is calling on the Energy Department to find more places to store oil.
  7. Tech updates: Twitter will allow ads containing references to the coronavirus under certain use cases.
  8. U.S.S. Theodore Roosevelt: Senators call for independent investigation into firing of Navy captain.
  9. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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