Tough snapchat was loved by many youngsters due to its exciting filters but Investors always refrained to invest in the photo sharing app may be because their target audience were not young people. However Snapchat latest earnings have revealed that the app is now used by many people. Snapchat’s Q4 Shows Unexpected Revenue Jump & Users Growth.
Now investors are relieved to know about Snap’s latest earnings report. The Snapchat maker not only beat analysts’ revenue expectations for Q4 of 2017, but also posted the biggest net user addition in over a year.
Snapchat’s Q4 Shows Unexpected Revenue Jump & Users Growth
Snapchat’s stock went up close to 27% in after hours trading immediately following the report. It settled at gains of around 22%.
Snachat CEO, Evan speigel said:
“Our business really came together towards the end of last year and I am very proud of our team for working hard to deliver these results. “We ended 2017 confident that we can grow our Snapchat community and monetize our products more efficiently than ever before.”
Snapchat generated $285.69 million evenue during the quarter ending December 31 as compared to $165.68 million during the same quarter last year. Net losses came in at $349.98 million, compared to net losses of $169.95 million during Q4 of 2016. This translated to a net loss of $0.28 per share.
This news has come as a surprise for many as no one was expecting Snapchat to score so high. Snap added a perk to this good news by revealing that it has witnessed addition of 8.9 million daily active users in Q4. This is the highest net addition since Q3 of 2016.