Snap Q1 Revenues Top Wall Street, Shares Jump 17%

(RTTNews) - Shares of Snap Inc. (SNAP) jumped nearly 17% on extended trading session Tuesday after the company reported a first-quarter revenues that trumped Wall Street estimates.

First-quarter net loss narrowed to $305.9 million or $0.21 per share from $310.4 million or $310.4 million or $0.23 per share.

On an adjusted basis, loss for the quarter was $0.08 per share, compared to $0.10 per share last year. Analysts polled by Thomson Reuters estimated loss of $0.07 per share last year.

First-quarter revenues rose 44 percent to $462.5 million from $320.4 million last year. Analysts expected revenue of $431.43 million for the quarter.

DAUs were 229 million, an increase of 39 million or 20% year-over-year. DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World, the company said in a statement.

Moving ahead, the company did not provide any guidance for the second quarter citing "the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions."

SNAP closed Tuesday's trading at $12.44, down $0.48 or 3.72%, on the Nasdaq. The stock, further gained $2.06 or 16.56% in the after-hours trade.