Snap Inc.'s Share Price Soars After Revenue Beats Expectations

Snap Inc

Snap Inc.'s revenue topped analysts' estimates for the first time since the company went public nearly a year ago, buoyed by momentum in its advertising business and user growth.

But for the fourth quarter, Snap said it now had 187 million daily active users, 18% higher than a year ago and also up slightly from analyst projections of 184 million. Vanguard Group Inc. now owns 8,353,729 shares of the company's stock worth $148,446,000 after acquiring an additional 1,601,170 shares in the last quarter.

Snap crushed Wall Street expectations during the fourth quarter.

Snap shares soared by about 20 percent Tuesday on the strength of its unexpectedly upbeat quarterly report. Tuesday Snap, Inc. closed at $14.06 a share, then rallied 22% in after hours trading.

The company also showed signs of accelerated user growth.

Snap reported revenue of $285.7 million, beating the consensus estimate of $256 million.

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The positive earnings report is a bright spot amid a year of tough moments for Snap, which has spent much of its time on the public markets trading below its IPO price.

Another feather in Snap's cap: Average Revenue Per User, which came in well above the $1.36 ARPU analysts expected. This increase seemed to calm investor fears that Snapchat is a mere has-been destined to get trampled by Facebook, which has copied some of Snapchat's most important features.

"Our business really came together towards the end of previous year", said Evan Spiegel, Snap's CEO, in a statement. That's still measly compared to Instagram's 100 million new users in the third quarter of 2017, but at least Snap is making some progress. That could help Snapchat compete for more of a mainstream audience.

Advertising revenue rose 74 percent to $281 million, as companies advertised more in the key holiday quarter.

"We ended 2017 confident that we can grow our Snapchat community and monetize our products more efficiently than ever before", he said. This is the first time Snap has beat market expectations since going public a year ago.

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