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Why Snap's Stock Is Surging Today

Snap Inc (NYSE: SNAP) is surging higher in after hours trading Thursday after the company announced better-than-expected financial results. 

Snap reported second-quarter earnings of 10 cents per share, which beat the estimate for a loss of 1 cent per share. The company reported quarterly revenue of $982.11 million, which beat the estimate of $844.98 million. Daily active users increased 23% year-over-year to 293 million.

“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” said Evan Spiegel, CEO of Snap.

Price Action: Snap has traded as high as $73.59 and as low as $20.61 over a 52-week period.

At last check Thursday, Snap was up 12.95% in after hours trading at $71.15.

© 2021 Benzinga does not provide investment advice. All rights reserved.

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