Snap Stock Jumps After Strong Earnings
Feb 4, 2022 By MarketDepth
Snap Inc. (NYSE: SNAP) stock jumped more than 50% Friday after the Company announced financial results for the quarter and full year ended December 31, 2021. According to the report, Snap’s revenue increased 64% to $4.1 billion in 2021, compared to the prior year, and net loss improved 48% to $488 million in 2021, compared to the prior year.
Quarterly, revenue increased 42% to $1.3 billion in Q4 2021, compared to the prior year, first quarter of positive net income as a public company of $23 million in Q4 2021.
“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community. The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera.”Evan Spiegel, CEO
Snap also provided guidance, with a Q1 2022 outlook revenue estimated to be between $1,030 million and $1,080 million, and adjusted EBITDA is estimated to be approximately breakeven.
Digital Camera Company
Snap Inc. operates as a camera company in the United States and internationally. The company offers Snapchat, a camera application with functionalities, such as Camera, Communication, Snap Map, Stories, and Spotlight that enable people to communicate through short videos and images.