Apr 23, 2019 - Technology

Snap shares soar after better-than-expected Q1 results

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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Jacob Knutson, Orion Rummler
1 hour ago - Politics & Policy

Trump pushes to expand ban against anti-racism training to federal contractors

Trump speaking at Moon Township, Penns., on Sept. 22. Photo: Mandel Ngan/AFP via Getty Images

President Trump announced late Tuesday that the White House attempt to halt federal agencies' anti-racism training would be expanded to block federal contractors from "promoting radical ideologies that divide Americans by race or sex."

Why it matters: The executive order appears to give the government the ability to cancel contracts if anti-racist or diversity trainings focused on sexual identity or gender are organized. The memo applies to executive departments and agencies, the U.S. military, federal contractors and federal grant recipients.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 31,467,508 — Total deaths: 967,881— Total recoveries: 21,583,915 — Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 6,890,662 — Total deaths: 200,710 — Total recoveries: 2,646,959 — Total tests: 96,612,436 — Map.
  3. Health: The U.S. reaches 200,000 coronavirus deaths — The CDC's crumbling reputation — America turns against coronavirus vaccine.
  4. Politics: Elected officials are failing us on much-needed stimulus.
  5. Business: Two-thirds of business leaders think pandemic will lead to permanent changes — Fed chair warns economy will feel the weight of expired stimulus.
  6. Sports: NFL fines maskless coaches.
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Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

GoodRx prices IPO at $33 per share, valued at $12.7 billion

Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

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