Snap stuns Wall Street, finally beats earnings
Snap Inc. announced Tuesday that it beat Wall Street predictions on earnings and revenue last quarter, surprising investors that had modest expectations for the company. It also added 9 million new daily active users (DAUs) — the highest number of quarterly net adds since the third quarter of 2016.
Why it matters: Snapchat had a difficult first year as a public company, missing growth expectations as it faced competition from Instagram and Facebook. Tuesday's success, demonstrated by major stock gains, is reviving investor confidence in the company — at least for now.