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Illustration: Rebecca Zisser/Axios

Snap Inc.'s stock was down 11% Tuesday in after-hours trading after the company reported it fell short on Wall Street's revenue expectations.

Yes, but: The company otherwise did pretty well. It turned its first-ever profit on an adjusted basis and grew its user base for the fourth consecutive quarter. It also provided positive guidance for the quarter ahead.

Details: Snap's user base grew to 218 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, per CNBC:

  • Earnings: 3 cents per share vs. 1 cent per share forecast by Refinitiv
  • Revenue: $561 million vs. $563 million forecast by Refinitiv
  • Global daily active users (DAUs): 218 million vs. 215 million forecast by FactSet
  • Average revenue per user: $2.58 vs. $2.62 forecast by FactSet

What they're saying: “The strength in our core business gives us confidence in our long term growth and profitability and we’re excited to build on these results in 2020 and beyond," Snap Inc. CEO Evan Spiegel said in a statement Tuesday.

Between the lines: Investors were bullish ahead of earnings. JPMorgan said Tuesday that it expected strong user growth from Snap, and Deutsche Bank lifted its price target for Snap on Monday.

Flashback to Q3: Snapchat adds 7 million daily active users

Go deeper

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.