Illustration: Axios Visuals

Snap's stock price jumped 20% in after-hours trading after the company posted strong Q1 results, beating analyst estimates with $462 million in revenue and just missing earnings estimates with a $0.08 loss per share.

Why it matters: Like other ad-supported businesses, Snap is vulnerable to a pullback in advertising spend, though the company is also in a position to see more activity as users spend more time at home during the coronavirus pandemic and need entertainment and online socializing.

By the numbers:

  • Loss per share: $0.08 adjusted, compared to $0.07 expected.
  • Revenue: $462 million, compared to $431 million expected.
  • Daily active users: 229 million, up 39 million or 20% year-over-year.
  • Average revenue per user: $2.02, up 20% year-over-year.
  • On average, more than 4 billion Snaps were created each day this quarter.
  • Total daily time users spent watching Discover content increased by more than 35% year-over-year.

Yes, but: The company warned that it can't offer a financial forecast for the next quarter due to the volatility of the coronavirus pandemic's impact on the economy.

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Jul 29, 2020 - Technology

Qualcomm sees COVID-related smartphone dip easing

Photo Illustration: Avishek Das/SOPA Images/LightRocket via Getty Images

Smartphone sales continue to be lower than a year ago, but the market is recovering faster than expected Qualcomm CEO Steve Mollenkopf told Axios on Wednesday. Meanwhile, a patent deal with Huawei is adding an extra $1.8 billion to the company's revenue, with the combined news sending shares soaring in after-hours trading.

Why it matters: The announcement suggests that the market impact of the coronavirus may be less than initially feared.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9:45 p.m. ET: 19,282,972 — Total deaths: 718,851 — Total recoveries — 11,671,491Map.
  2. U.S.: Total confirmed cases as of 9:45 p.m. ET: 4,937,441 — Total deaths: 161,248 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Politics: Trump says he's prepared to sign executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

Sen. Elizabeth Warren and Hillary Clinton both are slated to speak on the Wednesday of the Democratic convention — Aug. 19 — four sources familiar with the planning told Axios.

Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.