*By Chloe Aiello*
Shares of embattled social media company Snap soared more than 16 percent in extended trading on Tuesday, after the company beat Wall Street's expectations for its fourth-quarter financial results and reported users stayed relatively stable from a year ago.
Wedbush's Dan Ives said the results showed signs of progress.
"With a lot of these turnaround stories, it's not just one quarter ー you need a few quarters to really see these turnarounds take place, but no doubt it looks like a step in the right direction," Ives said.
Snap ($SNAP), which is best known for its application Snapchat, reported a loss of $0.04 per share on revenue of $390 million, beating Wall Street’s estimates of a $0.07 loss per share on $377.52 million in revenue, according to Thomson Reuters.
“We are substantially closer to achieving profitability, as we have maintained a relatively flat cost structure across the past five quarters while growing full-year revenue 43 percent year-over-year,” Snap CEO Evan Spiegel said in a statement.
In the ever-important category of daily active users, which measures audience engagement, Snap reported 186 million ー the same number as in the third quarter, and only slightly less than the 187 million it reported this time last year. Average revenue per user came in at $2.09 vs. $1.53 last year.
Snap also said 30 percent more users are using its Stories and Shows features daily.
Bruised by competition from Facebook’s ($FB) Instagram, and a virtual rotating door of executives, Snap’s stock is down close to 50 percent from last year.
Credit card usage is sure to tick up ahead of the holiday season. With cashback, airline miles and points to be earned, reward credit cards could give you a bonus. Grant Gallagher, associate vice president and head of financial well-being with Affinity Federal Credit Union, spoke with Cheddar News about why it's important to take advance of those rewards.
Tesla is increasing wages for factory workers in Germany.
People are making travel plans and booking tickets as the holiday season nears. Johannes Thomas, CEO of Trivago, joined Cheddar News to provide tips on saving when booking lodging ahead of Thanksgiving and Christmas.
Elon Musk unveiled 'Grok,' his new A.I. chatbot over the weekend, adding that it will be more rebellious than its counterparts. Cheddar News breaks it down.
Heinz is combining two popular flavors for its new condiment, pickle ketchup.
Federal health officials are expanding an investigation into potentially lead-tainted pouches of apple cinnamon fruit puree marketed for children amid reports of more illnesses and additional product recalls.
Berkshire Hathaway, the conglomerate run by businessman Warren Buffett, reported its operating earnings in its most recent quarter jumped more than 40% from a year ago but posted its first net quarterly loss in a year.
Maks Chmerkovskiy and wife Peta Murgatroyd, of "Dancing With the Stars" fame, are branching out into skincare.
Donald Trump began testifying Monday morning in his civil fraud trial, producing the spectacle of a former president and the leading Republican presidential candidate defending himself against allegations that he dramatically inflated his net worth.
The trial between Google and the maker of the game Fortnite will begin Monday as a San Francisco jury will hear Epic Games' case claiming the Google Play Store takes an unfair commission on purchases made through apps.
