Shares of Snap surged 31.1% in April after reporting 21% year-over-year top-line growth, its best in two years.
Analyst Youssef Squali praised Snap's advertising and subscription business improvements but raised concerns over expenses, including a 20% rise in general and administrative expenses.
Snap generated positive Q1 free cash flow of $38 million but saw a substantial decline from the previous year. Its cash flow heavily relies on stock-based compensation.
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