Snapchat stock soars 20% after ending losing streak

07 February, 2018, 01:51 | Author: Martin Tyler
  • Snap is redesigning its app to make it easier to use

Snap shares lifted 18 percent in after-hours trade to $16.62 following the fourth quarter update for the company known for its ephemeral smartphone messages and other online content. Daily active users grew by 8.9 million during the quarter to 187 million. Also, its $286 million in revenue beat analyst expectations by more than $30 million, a turnaround form the third-quarter when Snap fell short of Wall Street's forecasts.

The company expects its year-over-year revenue growth rate to moderate in the current quarter compared with the fourth quarter, Chief Financial Officer Drew Vollero said.

In a letter to investors issued today, Spiegel lays out the case for Snap's eagerness and efficiency at responding to growing competition from Facebook and slowing growth internally. The company's stock chart Tuesday afternoon looked similar to the trajectory of Elon Musk's SpaceX rocket, launched into outer space just minutes before Snap reported - straight up.

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Facebook recorded stock-based compensation of $1.6 billion the year it went public, but generated over $5 billion in sales.

In addition, quarterly revenue of $253 million would bring its full-year revenue to $793 million. The company's revenue for the quarter was up 62.2% on a year-over-year basis. Snap's revenue previous year grew about 104 percent to $824.9 million.

"Our business really came together towards the end of past year", Spiegel said in remarks prepared for a conference call with analysts.

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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".

Advertising revenue rose 74 percent to $281 million, as companies advertised more in the crucial holiday quarter. Some of those costs are due to expensive cloud services deals with Google and Amazon that once signaled that Snap was bracing for an explosion of user growth.

Even though Snap wasn't vocal about its release, Snapchat's new Do Not Disturb comes at a time when more people in the tech industry are talking about smartphone addiction.

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