Snap Earnings Lift Social Media Stocks
Tiger Newspress04-26
Snap surged 24% after the social-media platform posted better-than-estimated first-quarter earnings and revenue and issued a forecast for second-quarter sales that was better than expected. The parent company of video-messaging app Snapchat sees sales in the second quarter of between $1.23 billion to $1.26 billion, higher than Wall Street expectations of $1.22 billion. Snap expects daily active users of 431 million in the second quarter, more than forecasts of 430.5 million.
Snap’s earnings also lifted social media stocks in premarket trading Friday. Meta rebounded 1.1%; Pinterest rose 5.2%; Reddit and DJT rose 2%.
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