Snap Inc. reported it narrowed losses in the first three months of the year as its top line grew better than expected, according to the earnings report.
- Losses for the quarter declined to $286.9 million from $305.9 million, reflecting a per-share loss of 19 cents from 21 cents previously.
- Revenue climbed 66% to $769.6 million, surpassing the $744 million expected by analysts.
- The firm grew its daily average users by 56 million year-on-year to end the quarter with 280 million, also stronger than market expectations. This compares with 229 million the previous year and 265 million in the prior quarter.
- Snap expects to continue its topline growth with revenue likely within the $820 million to $840 million range in the second quarter. Analysts expect $826 million.
- Chief Executive Officer Evan Spiegel is banking on the reopening of the economies to boost engagement trends as users utilize the platform to communicate.
SNAP: NYSE is up 5.26% premarket.