Snap reported fourth-quarter results late Thursday that beat analyst estimates, as did its outlook. Snap stock soared in reaction during after-hours trading, after plunging in regular-hours trading.
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The company reported adjusted earnings of 22 cents a share on revenue of $1.3 billion. Analysts expected Snap to report earnings of 10 cents on revenue of $1.2 billion. It’s the first time Snap has showed a quarterly profit. Revenue jumped 42% from the year-ago quarter.
For the first quarter, Snap expects revenue in the range of $1.03 billion to $1.08 billion. That easily tops analyst estimates for $1.02 billion.
Snap stock catapulted 54.4% to 37.83 during after-hours trading on the stock market today. During regular-hours trading, Snap stock plunged 24%. The drop came after Facebook-owner Meta Platforms (FB) reported fourth-quarter results that missed estimates across the…
