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Snap gives investors something to smile about

By
Nicolas Vega
Published Feb. 6, 2018, 10:12 p.m. ET

Snap finally handed Wall Street a treat on Tuesday — and investors immediately gave it back.

The embattled tech company reported fourth-quarter revenue and user growth numbers that beat expectations — powering the company’s shares up as much as 25 percent in after-hours trading.

It marked the first time the Snapchat parent company beat analysts forecast since it went public last March.

Snap’s shares had been down 42 percent over that span.

The Los Angeles company said revenue soared 72 percent, to $285.7 million. Wall Street’s expected $252.9 million.

Snap said its daily active users rose 5 percent, to 187 million — more than the expected 184.2 million.

In his letter to investors, Chief Executive Evan Spiegel attributed much of Snap’s recent success to major changes made to the app — including a drastic redesign.
Snap reported a net loss of $350 million.

The results are a positive sign for a company that has been slammed with bad headlines — including a much publicized effort by the company to keep its employees from leaking internal policies and decisions.