<p>Snap (NYSE: SNAP) earnings for the first quarter of 2020 have SNAP shares rising on Tuesday afternoon. This comes after reporting adjusted losses per share of 8 cents. That’s worse than the Wall Street estimate of 7 cents a share. But the camera and social media company’s revenue of $ 462.48 million is better than analysts’ estimates of $ 431.43 million.
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Now let’s take a closer look at the latest Snap results report.
Adjusted losses per share are 20% better than the 10 cents from the same time last year. Revenue for the quarter was 44.33% higher than the 320.43 million US dollars the first quarter of 2019. The operating profit of 286.36 million US dollars, an improvement of 9.4% over the previous year of 316.06 million US dollars. The Snap earnings report also includes a net loss of $ 305.94 million. That is 1.44% narrower than the net loss of $ 310.41 million reported during the same period last year.
“We are grateful for the opportunity to serve our community and our partners during this difficult time. Snapchat helps people stay close to their friends and family while they are separated physically, and I’m proud of our team to have solved the many challenges of working from home during this time as we continue to grow our business and support those affected of COVID-19. “
The SNAP share rose 18.97% after the markets closed on Tuesday.
At the time of writing, William White had no position in any of the above securities.
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