Snap (SNAP) reported second-quarter results late Thursday that toppled estimates as revenue more than doubled. Snap stock jumped.
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The social networking company reported adjusted earnings of 10 cents on revenue of $982 million. Analysts expected Snap to report a loss of 1 cent on revenue of $845 million. Revenue jumped 116% from the year-ago period.
Snap stock soared 13.9%, near 71.75, during after-hours trading on the stock market today.
Daily active users jumped 23%, or 55 million, to 293 million, above estimates of 290 million.
Snap Stock: Revenue Outlet Top Estimates
For its third quarter, Snap expects revenue in the range of $1.07 billion to $1.085 billion. That’s an increase of about 58% to 60% and above estimates of $1.01 billion.
“We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world,” Chief Executive Evan Spiegel said in written remarks with the earnings release.
The IBD Stock Checkup tool shows that Snap has an IBD Composite Rating of 96 out of a best-possible 99. For more analysis on Snap stock visit Leaderboard.
Based in Santa Monica, Calif., Snap is the owner of Snapchat. It’s a smartphone app that can manipulate and enhance images and videos in numerous ways, which can then be sent to other Snapchat users. It also has an expanding lineup of video content and games and is popular with the under-30 crowd.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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