Investing.com - Social media company Snap added to regular-session gains post-market after beating analysts’ expectations on the top and bottom lines and on user engagement.
The Snapchat owner reported a loss of 10 cents a share for its first quarter, narrower than expectations of a loss of 22 cents per share, according to forecasts compiled by Investing.com. Revenue of $320.4 million topped expectations of $305.5 million.
Results were helped by the popularity of its original shows and the launch of a new Android app.
The company’s daily active users (DAUs), its chief engagement metric, came in at 190 million, above estimates of about 187 million, according to Briefing.com.
Snap (NYSE:SNAP) shares rose 3.8% in after-hours trading to $12.46.
Shares closed at $12 during regular trading, up about 4% thanks to enthusiasm over Twitter's (NYSE:TWTR) quarterly numbers.
Looking ahead, the company predicted second-quarter revenue between $335 million and $360 million, in line with the consensus estimate from S&P Capital IQ.
In an effort to increase the amount of time users spend on the app, Snap, which faces stiff competition from Facebook’s (NASDAQ:FB) Instagram, launched over 50 new shows in the reported quarter.
It also rebuilt its Android app, which had more bugs and a worse user experience than its iOS app. The targeting of Android users is a change of tune for Snap, which prioritized development on the Apple (NASDAQ:AAPL) ecosystem through its stock market launch in 2017.
Snap's focus on privacy and communication between friends has helped it avoid problems with misinformation and spread of unsavory content, which have plagued Facebook and Google (NASDAQ:GOOGL)'s YouTube, two of its rivals for digital ad dollars.
-- Reuters contributed to this report.