Snap Makes Gains in Bid to Vie With Big Rivals; Shares Rocket

Snap Inc (SNAP) Short Interest Update

Revenue was $285.7 million, up 72 percent year-over-year, with earnings per share of -$0.13 adjusted compared to estimates of $253 million and a -$0.16 adjusted.

The company reported its loss widened to $350 million in the last three months of 2017 after a $170 million deficit a year earlier.

Wall Street reacted by sending Snap's stock price soaring in after hours trading, up by more than 20%.

Snap is undergoing a company transition, which includes overhauling its Snapchat app to make it easier to use.

Wall Street is looking for revenue of $253 million, or a 52 percent jump over previous year.

Snap's first year as a public company hasn't been very good. Quarter-on-quarter growth was 5.05%, compared to 2.9% in Q3. This represented 4.5 million new DAUs, or growth of about 17% year-over-year, but just 3% sequential growth.

Snapchat's daily active users rose to 187 million in the quarter ended December 31 from 178 million in the third quarter, beating analysts' average expectation of 184.2 million users, according to financial data and analytics firm FactSet. It also added 8.9 million users, beating expectations of 6 million.

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"Our business really came together towards the end of past year and I am very proud of our team for working hard to deliver these results", said founder and chief executive Evan Spiegel.

Snap shares have tumbled since a keenly anticipated public offering in March 2017 at $24, on concerns that it may not be able to keep pace with rivals like Facebook in the fast-evolving world of social media.

The biggest issue for Snap is its competition with Facebook's Instagram, says eMarketer analyst Debra Aho Williamson.

During Snap's third quarter earnings call, co-founder and CEO Spiegel acknowledged that Snapchat is harder to understand than he initially realized.

Among other features, the redesign promised to have a clearer delineation between content from friends and content from publishers.

Even though Snap wasn't vocal about its release, Snapchat's new Do Not Disturb comes at a time when more people in the tech industry are talking about smartphone addiction.

Advertising revenue rose 74 percent to $281 million, as companies advertised more in the key holiday quarter.

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