In after-hours trading, the stock soared by as much as 30%. A positive momentum carried over into premarket trading, with gains nearing 25%, pushing SNAP shares to $14.20 from their closing price of $11.40.
Snapchat surprised with an adjusted EPS of $0.03, surpassing analysts' forecast of -$0.05. Revenue also exceeded expectations, reaching $1.195 billion compared to the projected $1.120 billion.
Snapchat's revenue growth is attributed to improvements in their advertising platform and the demand for direct-response advertising solutions. Advertising revenue for the quarter hit $1.11 billion, with 'Other Revenue' from Snapchat+ subscribers surging to $87 million.
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