Snap Earnings Lift Social Media Stocks
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