Snap Inc (SNAP), the parent company of Snapchat, reported Tuesday that it was slashed, beating Wall Street's expectations and sending the stock on a tear.
Revenues were $ 320.4 million, compared with $ 230.7 million in the first quarter of 2018. Analysts said the photo sharing app to post a 12 cent loss on revenues of $ 307.44 million.
The stock jumps by nearly 10% in after-hours trading, after a big rally added 4% during the trading day. Snap's stock closed at the session at $ 11.99.
In the wake of an Android application update, Wall Street is expecting to see the number of Snapchat users.
"The new app is 25% smaller, opens 20% faster on […] (19659007) "On lower-performing devices, this resulted in a 6% increase in the number of users sending snaps within the first week of upgrading" The new Android platform, Snap added.
Earlier Tuesday, Twitter (TWTR) – Wall Street's expectations and highlighted big gains in daily users, a key metric watched by analysts. [19659009FortheupcomingquarterSnapsaiditexpectsrevenuetorisetobetween$335millionand$360millionrepresentinggrowthof28%to37%fromtheyear-agoperiod
Calling Snapchat "a scarce asset that offers advertisers access to a coveted younger demographic, "analysts at Credit Suisse on Tuesday recommend investing the stock with a target of $ 13 per share.