(RTTNews) - Shares of Snap Inc. (SNAP) gained nearly 5% in extended trading session on Thursday after the company's first-quarter earnings and revenues trumped Wall Street analysts' estimates, driven by strong user growth.
First-quarter net loss was $286.9 million or $0.19 per share, narrower than last year's loss of $305.9 million or $0.21 per share last year.
Adjusted earnings for the quarter were $0.00 per share, compared to a loss of $0.08 per share last year.
Revenues grew 66% to $769.6 million from $462.5 million last year.
Analysts polled by Thomson Reuters expected loss of $0.05 per share on revenues of $743.01 million for the quarter. Analysts' estimates typically exclude special items.
DAUs were 280 million in first quarter of 2021, an increase of 51 million, or 22%, year-over-year. DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
Looking forward to the second quarter, revenues is estimated to be between $820 million and $840 million. Analysts currently estimate revenues of $826.11 million.
SNAP closed Thursday's trading at $57.05, down $1.25 or 2.14%, on the Nasdaq. The stock, however, gained $2.75 or 4.82%, in the after-hours trade.
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