Shares of Snap (NYSE:SNAP) stock are higher on Friday after the company reported strong first-quarter earnings for fiscal year 2021.
This included revenue of $769.58 million for the period, which beat analyst estimates of $743.8 million. Additionally, Snap said its non-GAAP earnings per share (EPS) was a flat zero, while Wall Street was expecting losses per share of 6 cents.
Additionally, here’s a more thorough look at the most recent Snap earnings report:
- Adjusted per-share earnings were up 102% from an 8-cent loss during the same time last year.
- Revenue for the quarter comes in 66% above the $462.48 million from Q1 of 2020.
- Operating income of $136.89 million is a massive increase year-over-year from $6.28 million.
- The Snap earnings report also has it bringing in a net loss of $286.88 million.
- That’s a 6% drop compared to a loss of $305.94 million from the same period of the year prior.
- Moreover, Snap said its global daily active users reached 280 million for the quarter — better than what was expected.
- Also, its average revenue per user was above estimates at $2.74.
Evan Spiegel, CEO of Snap, had this to say regarding the SNAP stock earnings report.
“We began 2021 by achieving our highest year-over-year revenue and daily active user growth rates in over three years during the quarter, and delivering positive Free Cash Flow for the first time in Snap’s history as a public company. The strength of our business underscores our relentless focus on product innovation and is a testament to our team’s ability to execute well together over the long term.”
SNAP stock was up 2.5% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.
