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.

Go deeper

Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 billion in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.