Snap (NYSE:SNAP) earnings for first quarter of 2020 have SNAP stock soaring after-hours on Tuesday. This comes after reporting adjusted losses per share of 8 cents. That’s worse than Wall Street’s estimate of 7 cents per share. However, the camera and social media company’s revenue of $462.48 million is better than analysts’ estimates of $431.43 million.
Now, let’s take a closer look at the most recent Snap earnings report.
- Adjusted per-share losses are 20% better than the 10 cents from the same time last year.
- Revenue for the quarter is sitting 44.33% higher than the $320.43 million in the first quarter of 2019.
- Operating loss of $286.36 million is a 9.4% improvement year-over-year from $316.06 million.
- The Snap earnings report also includes a net loss of $305.94 million.
- That’s 1.44% narrower than its net loss of $310.41 million reported in the same period of the year prior.
Evan Spiegel, CEO of Snap, said this about the SNAP stock earnings:
“We are grateful for the opportunity to serve our community and partners during this difficult time. Snapchat is helping people stay close to their friends and family while they are separated physically, and I am proud of our team for overcoming the many challenges of working from home during this time while we continue to grow our business and support those who are impacted by COVID-19.”
Snap isn’t providing an outlook for the second quarter of 2020. The company says this is due to the uncertainties surrounding the novel coronavirus pandemic.
SNAP stock was up 18.97% after markets closed Tuesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.