Snapchat stock soars 20% after ending losing streak
Snapchat stock soars 20% after ending losing streak
Snap Inc. logos are seen on the floor of the New York Stock Exchange on the eve of the company's IPO in New York U.S
07 February, 2018, 02:02
Snapchatsaid it added 9 million daily users in the fourth quarter, its largest growth spurt since going public a year ago. The business's quarterly revenue was up 62.2% compared to the same quarter last year. equities research analysts predict that Snap will post -3.03 EPS for the current fiscal year.
The company reported fourth-quarter results as Wall Street was looking for signs of life from an app that struggled at points past year.
Investors were impressed. The company's shares, which have almost halved in the past year, rose more than 20 percent in after-hours trading to $16.95.
The results surpassed Wall Street expectations.
Another feather in Snap's cap: Average Revenue Per User, which came in well above the $1.36 ARPU analysts expected. That would also put Snap's yearly sales at $793 million, nearly double the $404 million it brought in in 2016.
To make its app more friendly to users and advertisers, Snap launched a redesigned app in November, splitting "friends" from content feeds.
Analysts were expecting the company to add 6 million users during the fourth quarter. The company added just 4.5 million new daily users last quarter, down from the eight million analysts were looking for.
The company has also suffered from unfavorable comparisons to Facebook Inc.'s Instagram, which is rapidly expanding and aggressively copying Snapchat's most-popular features.
Snap said in its IPO prospectus that restricted stock units include performance incentives and time-based incentives, with most of the latter vesting over four years.
Snapchat has sought to distinguish itself from Facebook with a design that "separates social from media", according to Spiegel, who said this helps avoid "many of the problems that arise when friends are commingled with professional content creators". Further, the company is not profitable and its advertising business has not yet matured. Snapchat users must know the feeling, since the update itself was released a few weeks ago without any word from the company, as reported by TechCrunch's Josh Constine.
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