Snap Inc. (NYSE:SNAP) reported first-quarter results after Wednesday’s closing bell, beating estimates on the top and bottom lines.
Here's a look at the details inside the report.
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Snap Q1 Details
Snap reported quarterly losses of five cents per share, which beat the consensus estimate for losses of seven cents, according to Benzinga Pro data.
Quarterly revenue came in at $1.529 billion, which just beat the Street estimate of $1.528 billion by 0.07%.
Snap reported the following Q1 highlights:
- Global monthly active users (MAU) grew to 956 million in the first quarter, an increase of 43 million or 5% year-over-year and Global Daily Active Users (DAU) grew to 483 million or 5% year-over-year.
- Sponsored Snaps per-impression click-through rates increased 226% and seven-day conversion volume rose 59%.
- Dynamic Product Ads revenue grew more than 30% year-over-year, while adoption among small and medium-sized customers more than doubled.
- Other Revenue increased 87% year-over-year to $285 million.
“In Q1, we returned to growth in daily active users, accelerated revenue growth, expanded margins and generated strong free cash flow,” said Evan Spiegel, CEO.
“We remain focused on disciplined execution as we invest in Specs and our long-term opportunity in intelligent eyewear and look forward to sharing more at AWE on June 16th,” Spiegel added.
SNAP Stock Price: According to data from Benzinga Pro, Snap stock was down 4.26% to $5.85 in Wednesday's extended trading.
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