Wall Street had expected the company to continue losing money.
Snap recorded its first profitable quarter ever in the three months ending in December, an unexpected boon that has sent its downbeaten shares sharply upward.
Its fourth-quarter revenue topped Wall Street estimates: $1.3 billion, more than the forecast for $1.2 billion.Investors cheered the financial figures, sending the stock up more than 60% in after-hours trading. The shares had lost nearly 20% during regular trading as shareholders considered whether Meta’s disappointing results might fortell trouble for Snap.
Despite the concerns around its ad business, the company has continued to add users. It had 319 million daily users in the fourth quarter, a 20% increase from a year before.
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