Snap’s (SNAP) stock was soaring more than 60% on Friday afternoon during its best daily gain ever. the parent company of Snapchat reported its first net profit for the quarter on Thursday, sending the stock on meteoric rise. Snap also surpassed analyst estimates on revenue, earnings, and user growth, which increased 20% year-over-year to 319 million.
These are the results for the top- and bottom-line results for the company’s fourth quarter, compared to Wall Street consensus estimates compiled by Bloomberg.
Adjusted earnings per share: .22 cents vs .10 estimate expected
Revenue: $1.3 Billion vs $1.20 Billion expected
The stock’s performance was a stunning reversal from Thursday, when social media stocks were getting hammered.
Investors worried of slowing user growth and the impact of Apple (AAPL) IOS privacy changes impacting advertising, as highlighted by Meta’s management team this week.
Snap was down 23% prior to its results on Thursday, the lowest level since September 2020. The stock moved lower in sympathy with Meta (FB), which reported disappointing earnings on Wednesday after the bell.
Social media platform Pinterest (PINS) was also lower but shot up in after-hours after reporting better-than-expected results.
Ines is a markets reporter covering stocks from the floor of the New York Stock Exchange. Follow her on Twitter at @ines_ferre
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