Snap (NYSE:SNAP) posted its latest quarterly earnings results after hours today, amassing revenue that topped Wall Street’s outlook, while its loss was narrower than Wall Street expected, but SNAP stock declined after hours.
The Los Angeles, Calif.-based social media business said that for its first quarter of its fiscal 2019, it amassed a loss of 10 cents per share, which was roughly 2 cents narrower than the Wall Street consensus estimate of a loss of 12 cents per share, according to a forecast of analysts compiled by Refinitiv.
Snap added that for the same period, it tallied up sales of $320 million, which is stronger than the $307 million that analysts predicted in the Refinitiv guidance. The company’s global daily active users reached 190 million, beating the 187.22 million that FactSet predicted.
Its average revenue per user went up to $1.68, ahead of the $1.62 that FactSet called for. “In the first quarter we delivered strong results across our business with growth in daily active users and revenue,” said CEO Evan Spiegel in a statement.
“As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth,” he added.
SNAP stock is down about 0.3% after the bell late on Tuesday following the company’s results. Shares had been gaining about 4.1% during regular trading hours as the company geared up to report for its latest period.