Snap stock soars 54% as Q4 revenue beats expectations, outlook higher as well
Disappearing message pioneer Snap this afternoon reported Q4 revenue and profit that topped Wall Street's expectations, and offered a revenue outlook that was above consensus.
The report sent Snap shares soaring by over 50% in late trading.
CEO and founder Evan Spiegel remarked that the year ended "was an exciting year for Snap and we made significant progress growing our business and serving our global community."
Added Spiegel, "The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera."
Snap's daily average users rose 20%, year over year, to 319 million, the company said. That was above consensus for 316.9 million.
Revenue in the three months ended in December rose to $1.3 billion, yielding a net profit of 22 cents a share.
Analysts had been modeling $1.2 billion and a net profit of 9 cents per share.
For the current quarter, the company sees revenue of $1.03 billion to $1.08 billion, with Ebitda profit "approximately breakeven." That compares to consensus for $1.01 billion and a $25-million Ebitda profit.