Snap Inc. Swings To Profit In Q4 On 17% Rise In Daily Snapchat Users
. swung to an adjusted profit of three cents per share in the fourth quarter, an improvement from a loss of four cents a share. Wall Street analysts had expected the company to break even.company said daily active users increased 17% in the period, to 218 million, while total revenue climbed 44% to $561 million. The revenue figure undershot Wall Street expectations by $2 million, sending the company’s stock tumbling more than 12% in after-hours trading.
At the end of regular trading, Snap Inc. shares closed at $18.99, up 4% and near a two-year high. It was barely one year ago that the company’s shares were climbing out of a deep hole after a series of setbacks, including management turnover and unfavorable reaction to the company’s app redesign. The growing Discover platform made a significant contribution to the results, the company said. Total daily time spent by Snapchat users watching Discover rose 35% over the prior-year quarter. While teens and college-age users remain the most avid subset of the total user base, older Snapchat users latched onto Discover content in the quarter. Time spent by over the age of 25 watching Discover increased by 60% year-over-year.
“The strength in our core business gives us confidence in our long term growth and profitability and we’re excited to build on these results in 2020 and beyond,” CEO Evan Spiegel said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lizzo & Jeff Bezos Snap a Selfie, Matthew & Camila Wear All White & More Celebrities in the Stands at Super Bowl 2020Celebrities flocked to the Hard Rock Stadium on Sunday to watch the San Francisco 49ers take on the Kansas Chiefs
Read more »
Snapchat User Growth Accelerates in Q4, Total Revenue Up 44% But Misses ExpectationsSnap said Snapchat gained a net 8 million new daily active users in the fourth quarter of 2019, but revenue was lighter than Wall Street expected — sending the stock down in after-hours tradi…
Read more »
I've Worn Hair Extensions for 14 Years—These Are the Top 8 Brands to Shop for BundlesShop the best online hair extension brands for clip ins, wefted hair, and faux bangs.
Read more »
I've Worn Hair Extensions for 14 Years—These Are the Top 8 Brands to Shop for BundlesShop the best online hair extension brands for clip ins, wefted hair, and faux bangs.
Read more »
Ferrari core profit misses estimates in fourth-quarter, lifts 2020 guidanceFerrari said on Tuesday its fourth-quarter core profit rose 22% to meet the Ital...
Read more »
Google parent Alphabet loses trillion-dollar status after revenue missAlphabet Inc shares fell 4% on Tuesday after the search giant posted its first h...
Read more »