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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.

Go deeper

Ina Fried, author of Login
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.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.