Snap today announced its Q4 2018 earnings, reporting $390 million in revenue and a 4 cent loss per share. While overall active usage numbers were flat for the quarter, Wall Street is pleased with Snap’s earnings as the stock is up nearly 20%.

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For Snapchat, daily active users were flat in the quarter, hitting 186 million. That’s down slightly 187 million in Q4 2017, but stable compared to 186 million in Q3 2018. On iOS specifically, however, Snap says daily active users increased both year-over-year and quarter-over-quarter.

Further, the average time spent in the Snapchat app for iOS “grew faster during Q4 2018 than during Q4 2017.”

  • DAUs were 186 million in Q4 2018, compared to 187 million in Q4 2017 and 186 million in Q3 2018.
  • In Q4 2018, our iOS DAU increased both quarter-over-quarter and year-over-year, and average time spent on iOS grew faster during Q4 2018 than during Q4 2017.
  • We reached over 70% of the total 13- to 34-year-old U.S. population with premium mobile video ads on a monthly basis.
  • On average, over 70% of users played with or viewed a Lensevery day. Users played with or viewed Lenses 700 million times on New Year’s Eve, up nearly 40% year-over-year.

Snap beat expectations across the board. Analysts were expecting revenue of $378 million, as well as a decline in daily active users to 184.26 million. Snap also beat on average-revenue-per-user, reporting $2.09 vs expectations of $2.05.

On Snap’s earnings call, CEO Evan Spiegel teased further updates coming to Snapchat. Spiegel likened Snapchat’s current “Discover” interface to “walking around a supermarket without the aisles being labeled.” Spiegel also said Snapchat will continue to focus on expanding its user demographics.

The company is up nearly 20 percent in after-hours trading following its strong earnings. While DAUs weren’t up during the quarter, investors are likely pleased to see stable numbers and increasing ARPU and time spent in app.

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