Snap Inc beat Wall Street’s estimates

April 23, 2021
Snap Inc beat Wall Street’s estimates

Snap Inc reported first-quarter 2021 earnings that topped the consensus

In the quarter, the EPS breakeven compared to the 6 cents loss expected. Revenue also exceeded the $743.8 million estimated, the figures coming in at $770 million. The number of daily active users (DAUs) reached 280 million for the quarter, surpassing the 274.62 million touted.

CEO Evan Spiegel revealed that Snap’s Android user base on now larger than the iOS one, calling the expansion “a critical milestone that reflects the long-term value of the investment we made to rebuild our Android application.”

For the future, Snap expects a YoY growth of 80% - 85% in the second quarter, significantly higher than the 60% increase reported in Q1. Also, the number of DAUs is seen at 290 million.

After the news hit the wires, Snapchat stock price went up 6%.

Sources: cnbc.com, Investopedia.com

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