Snap Inc. shares rallied in after-hours trading following second-quarter results that exceeded Wall Street estimates.
Revenue reached $1.6 billion, representing a 19% year-over-year increase. This figure surpassed the consensus estimate of $1.54 billion. The net loss narrowed to $164 million, or $0.10 per share, beating the anticipated loss of $0.12 per share.
Daily Active Users grew 5% year-over-year to 493 million. Snap attributed the strong performance partly to increased ad spending during the FIFA World Cup.
The company projects third-quarter revenue between $1.70 billion and $1.74 billion. This forecast meets or exceeds the analyst consensus of $1.70 billion.