Snap (NYSE:SNAP) reported its quarterly earnings results late today, raking in sales that soared more than 45%, while also posting a loss that was narrower than expected, lifting SNAP shares more than 10% after hours.
The Santa Monica, Calif.-based business announced second-quarter sales of $388 million, an increase of 48% when stacked against the same period a year ago. Analysts were calling for the tech brand to amass sales of $360.5 million, according to a survey conducted by Bloomberg.
The midpoint of Snap’s fiscal 2019 also included a second-quarter loss of 6 cents per share, about 4 cents per share narrower than Wall Street called for in its consensus estimate, per Bloomberg. It was all good feels for the social media organization as its Daily Active Users total tallied up to 203 million, an 8% gain year-over-year, as well as more than 11 million above the 191.7 million that analysts predicted, according to Bloomberg.
A chunk of this user growth arrived from outside of North America and Europe–this growth is also the brand’s highest in 12 quarters. “Today, more than 75 percent of the 13-34 year-old population in the United States is active on Snapchat, making us larger than services like Facebook and Instagram among this audience, and demonstrating the broad-based appeal of our service,” Snap CEO Evan Spiegel said.
SNAP stock is up about 11.5% after the bell Tuesday off the heels of the photo-sharing service’s latest quarterly results.
