5 Stocks Making Headlines Following Earnings Reports

2. Snap Inc. (NYSE:SNAP)

Number of Hedge Fund Holders: 78

Shares of Snap Inc. (NYSE:SNAP) skyrocketed nearly 60 percent on massive volume on Friday, February 4, 2022, after surprising investors with solid profit and sales for the fourth quarter and an upbeat outlook.

Snap Inc. (NYSE:SNAP) earned 22 cents per share on an adjusted basis, crushing expectations of 10 cents per share. Revenue for the quarter climbed 42 percent on a year-over-year basis to $1.3 billion, topping estimates of $1.2 billion.

Among other updates, Snap Inc. (NYSE:SNAP) said that its daily active users on Snapchat jumped 20 percent versus last year to 319 million. In addition, the average revenue per user for the quarter increased to $4.06 versus expectations of $3.79.

Looking forward, Snap Inc. (NYSE:SNAP) expects revenue in the range of $1.03 – $1.08 billion for the current quarter, better than analysts’ average estimate of $1.01 billion. Moreover, daily active users for the same period are expected to come between 328 – 330 million versus the consensus forecast of 327.8 million.

Discussing the results, CEO Evan Spiegel said:

“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community. 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.”