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Snap (SNAP) +24% as daily active users jump 23% to 293 million
Snap (SNAP) shares soared on Friday as Jim Cramer hailed CEO Evan Spiegel’s strategy following a 116% spike in revenue and 23% rise in DAUs during Q2.
Snap (SNAP) shares skyrocketed 24% on Friday after the social media company smashed revenue forecasts and posted a better-than-expected loss for Q2.
After Thursday’s close, Snap delivered a $0.10 per share net loss, which was eight cents ahead of the consensus – however, it was its top line that really turned heads.
Revenue jumped 116% year-over-year to $982m to trump the pre-report estimates by around $137m.
CEO Evan Spiegel said that the impressive returns were indicative of its “broad-based strength”, not least the number of engaged users on its platforms.
During Q2, the number of people logging on daily rose 23% to bring Snapchat’s total user base to 293 million, which is 13 million higher than the 280 million figure from Q1.
CNBC’s Jim Cramer said that Snap’s latest numbers were “amazing” and that Spiegel is currently “crushing it”.
He added: “Everyone wants to advertise here and it just shows you that, if you want to reach consumers of a certain age, then you go to Snap.”
For Q3, Snap is now guiding for up to 60% growth in revenue with the $1.07bn to $1.085bn range comparing favourably with the $1.014bn FactSet consensus.
Snap is also fleshing out its original programming platform in the coming months with 177 new ‘Discover Channels’ and eight new ‘Originals’.
The strong showing translated into share gains on Friday as SNAP closed 23.83% higher at $77.97 on the Nasdaq.
Twitter (TWTR) also finished up 3.05% at $71.69 after its own Q2 beats.
The Jack Dorsey-helmed social media site posted a 74% rise in revenue of $1.19bn versus the $1.07bn estimates.
Net income also rebounded from a loss to $65.65m as Twitter’s monetisable daily active users climbed 11% from a year ago to 206 million.
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