Snap Inc. shares surged after the parent of messaging app Snapchat reported rebounding user growth and revenue by MichaelFNunez
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The Santa Monica, California-based company’s net loss shrank to 19 cents per share from 27 cents a year ago, or 6 cents per share on an adjusted basis. Analysts polled by Refinitv forecast a 10 cents per share loss. Sales rose 48% to $388 million, beating revenue forecasts of $360 million, according to Refinitiv.
The company spent most of last year trying to recover from a poorly received app redesign that stalled user growth. Shares of Snap have more than doubled this year as users returned. They rose 10% after hours, to $16.
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