Snap today reported its Q1 2019 earnings, beating analyst estimates across the board. As detailed by CNBC, the company reported $320 million in revenue, with a less per share of 10 cents. The company also returned to growth in terms of active users.
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Analysts had forecasted $307 million in revenue for the quarter and a 12 cent per share loss. Snapchat also beat in terms of average revenue per user, reporting $1.68 per user, compared to analyst expectations of $1.62.
Perhaps most notably, Snapchat reported 190 million daily active users for the quarter, up from 186 million in the quarter before. While that active user number is still down compared to the 191 million reported in the year-ago quarter, it marks a notable quarter-over-quarter increase for the social network.
“In the first quarter we delivered strong results across our business with growth in daily active users and revenue,” said Evan Spiegel, CEO. “Our new Android application is available to everyone, with promising early results. This month we announced several new products that we believe will drive further engagement and monetization.”
“As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth.”
Of note, Snap is forecasting a higher loss next quarter, predicting a loss between $125 million and $150 million. That’s slightly higher than the $123 million reported in Q1 2019. Snap says, however, that an increase in active users means its Amazon AWS and Google Cloud bills will also increase.
Snapchat’s strong earnings come following similar numbers from Twitter. The social network this morning reported higher revenue than expected, but with a slight decline in monthly active users. Though, the company clarified that “monetizable daily active users” were up 8 percent year-over-year.