Snap on Tuesday announced its earnings results for the first quarter, sending its share price up as much as 20% in after-hours trading.
$2.02, up from $1.68 last year
The company's revenue came in at $462 million, up more than 44% from the $320 million the company reported in the first quarter of 2019. Snap's user base grew to 229 million daily active users, up 20% from last year. That represents the highest year-to-year user growth the company has reported since the second quarter of 2017.
"Snapchat has always been focused on helping people build and maintain their friendships, which is especially critical as people practice physical distancing and shelter in their homes," said Snap CEO Evan Spiegel inAnalysts surveyed by Refinitiv had expected a loss of 7 cents per share on $428.8 million in revenue for the first quarter.
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