Snap (NYSE:SNAP) stock is soaring higher on Wednesday thanks to a positive earnings report from the social media company.
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Here’s everything investors in SNAP stock need to know about its most recent earnings.
The report starts off with adjusted earnings per share of 10 cents.
That’s a positive switch compared to adjusted losses per share of 9 cents from the same time last year.
It’s also benefitting SNAP stock by beating out Wall Street’s estimate of -1 cent per share.
Following that is the company’s revenue of $982.11 million.
This is a 116% increase from the $454.16 reported in the second quarter of 2020.
It’s also another win for SNAP stock by coming in above analysts’ estimates of $844.98 million.
The company also saw its net loss improve by 53% to $152 million.
Another plus for SNAP stock is revenue guidance for Q3.
It’s expected to come in between $1.07 billion and $1.085 billion.
If that holds true, it will have the company beating out Wall Street’s estimate of $1.01 billion for the quarter.
Evan Spiegel, CEO of Snap, said the following in the earnings report boosting the company stock today.
“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years. We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world.”
SNAP stock is also moving more than 35 million shares today with heavy trading. To put that in perspective, the company’s daily average trading volume is closer to 19.8 million shares.
SNAP stock was up 22.6% and is up 55.7% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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