Snap (NYSE:SNAP) reported its latest quarterly earnings results late in the day Tuesday, which sent company shares soaring as the company’s loss was narrower than analysts were expecting, while its revenue was above Wall Street’s guidance.
The social media app maker announced that it brought in a loss of 14 cents per share for its second quarter of fiscal 2018. Analysts were calling for the Snapchat parent company to post a wider loss of 17 cents per share, according to data compiled by Thomson Reuters in a survey.
Snap added that its revenue for the period was up to $262 million, which also marked a beat over the $250.4 million that the Wall Street consensus estimate projected, according to data compiled by Thomson Reuters.
The company’s global daily active users (DAUs) was below the mark at 188 million, while Wall Street was forecasting DAUs of 192 million, according to a StreetAccount and FactSet estimate. The figure was below the 191 million from the year-ago quarter.
Snap’s average revenue per user (ARPU) was strong at $1.40, which marks a 34% gain compared to the year-ago quarter. Wall Street’s guidance was calling for an ARPU of $1.30, according to data compiled by StreetAccount and FactSet.
SNAP stock was surging about 6.9% after the bell Tuesday following the company’s strong quarterly earnings showing. Shares were up roughly 0.5% during regular trading hours in anticipation of its second-quarter results.