Snap stock surged higher late Thursday, after the Snapchat parent company reported first quarter earnings and sales that exceeded expectations.
outlook and how the social media company is competing with Meta Platforms. Tech analyst Debra Aho Williamson explains how Snap is shifting from its foundation in augmented reality to lean into artificial intelligence and how the company is refocusing advertising efforts to improve revenue.” vid-name=”Can Snap Catch Meta? How The Social Media Platform Is Harnessing AI To Improve Its Revenue Picture” vid-cat=”Industry Insights” vid-date=”02/15/2024″ vid-date-tmsp=”1707998918″ vid-image=”https://www.investors.com/wp-content/uploads/2024/02/XgDAWzGT-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
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Snap (Snap) said that it earned an adjusted 3 cents per share on sales of $1.2 billion for the March-ending quarter. On average, analysts projected the Santa Monica, Calif.-based company would post an adjusted loss of 5 cents per share on sales of $1.12 billion, according to FactSet. Sales jumped 21%.
For the current quarter, Snap guided for sales of $1.24 billion at the midpoint of its range. Heading into the report, analysts project Snap would tally $1.22 billion in sales for the June-ending quarter, according to FactSet.
On the stock market today, Snap stock is up more than 27% at 14.51 in recent after-hours action.
More earnings coverage to come.
Snap Stock: Technical Ratings
Prior to earnings, Snap gained 3% in Thursday trading. Shares have lost 32% this year but are up 11% over the past 12 months.
Coming into the report, Snap stock had an IBD Composite Rating of 31 out of a best possible 99, according to IBD Stock Checkup. The score combines five separate proprietary ratings into one rating. The best growth stocks have a Composite Rating of 90 or better.
Further, Snap’s IBD Relative Strength Rating was 25 out of 99, indicating significant underperformance compared to the rest of the market.
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