Snap beat on both revenue and earnings per share, marking one of its best earning reports to date. In after hours, Snap shares rocketed up after user growth was also reported as an increase.
Revenue came in at 285.7 million compared to estimates of 253.2 million. Earnings per share came in at $0.13 compared to a significantly lower $-0.16.
In this quarter, Snap added 8.9 million active users to reach a total of 187 million. And when it came to operating expenses, Snap lost $350 million compared to the $440 million they lost last quarter.
Stocks rose at the opening bell as the market awaits updates on inflation data while earnings kick off this week for the second quarter. The Federal Reserve is also slated to meet later this month as investors anxiously await its decision on rates.
The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
The railroad industry has sued to block a new minimum crew-size requirement that Ohio imposed after a fiery train derailment in East Palestine in February.
The company that owned a submersible that imploded on its way to explore the wreck of the Titanic, killing all five onboard, said Thursday it has suspended operations.
