Snap Inc.'s Share Price Soars After Revenue Beats Expectations


Snap added 8.9 million daily users during the three months, up 5% to 187 million-the largest addition of users since the third quarter of 2016, when it was still a privately held company. Its net loss was about $350 million for the quarter ended December 31. Ever since the company behind Snapchat publicly unveiled paperwork with plans for a $20 billion IPO nearly exactly a year ago, concerns have surfaced about Snap's long-term viability. That means Snap is trading right around the price that it sold for during its IPO of $17. Sales for the year as a whole doubled to $825 million.

"Our work during 2017 is proof that we aren't afraid to make big changes for the long-term success of our business", Evan Spiegel, the cofounder and CEO of Snap, said in a statement. Spiegel said in prepared remarks that were released alongside today's earnings that "Our business really came together towards the end of previous year". The business had revenue of $207.90 million during the quarter, compared to the consensus estimate of $236.71 million.

The redesign has been rolled out to about 40 million users so far, according to Spiegel, with plans to expand it to all users by the end of the first quarter. Still, Snap Inc shares closed up about 1.52 percent to $14.06 earlier today.

Spiegel also addressed the company's human resources challenges, noting that the company had hired 2,400 people in the past two years (translating to a rate of about 100 a month).

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That re-design, separating friends from brands, was launched in late November, but has yet to roll out to all users. Analysts had only been expecting Snap Inc (SNAP) to add 6 million daily users for a total user base of 184 million daily users.

But the company showed on Tuesday that it is still adding new users.

The silver lining in a hard 12-month period for Snap is that it continues to grow both users and revenue despite Facebook's ruthless attempts to demolish it. Facebook's copies have certainly hurt the company, but they have not killed it yet. The latest crumb of news to come out of Snap Inc. brings word that there's a new update for its other popular app, Bitmoji, offering tons of new styles.

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