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

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

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

The company reported fourth-quarter results as Wall Street was looking for signs of life from an app that struggled at points past year. When Facebook offered to buy it for $3 billion in 2013, Snap had an innovative new app built on the idea of quickly-disappearing messages.

In the previous quarter, Snap has taken a write-down from poor performance of the Spectacles video sunglasses, and it announced a re-design of the app that would make it easier for users to use. It was Snap's fourth quarterly earnings as a public company. For 2018 Snap is expected to generate $1.47 billion in net worldwide ad revenue, which is up 90% from 2017, but that's a 0.6% share of the overall worldwide digital ad market, says eMarketer, and pales in comparison to Google and Facebook. Revenue per user rose 46 percent from a year earlier to $1.53, while cost of revenue per user rose 5 percent to $1.02. It's a significant boost in users since the third quarter of 2017, when Snapchat added just 4.5 million DAUs.

Snap's good news extended to usage metrics, with Snapchat adding 8.9 million daily active users in Q4 - the highest net addition since Q3 of 2016.

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"Our business really came together towards the end of a year ago and I am very proud of our team for working hard to deliver these results", said Snapchat CEO Evan Spiegel in prepared remarks to Tuesday's earnings call. Then it showed off that redesign to the media later that month.

But revenues were better than expected, jumping 72 per cent year-on-year to US$286 million.

Spiegel warned in November that the redesign could be disruptive to Snap's business in the short term, so it will be interesting to see if the company provides any color as to how the rollout is going so far. He also cited improvements to the company's Android app as part of the reason DAU numbers have risen, saying "people who try Snapchat on Android are much more likely to stick around and become Daily Active Users". BlackRock Inc. now owns 10,343,549 shares of the company's stock worth $183,805,000 after buying an additional 936,791 shares during the last quarter.

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