4/21/2020, 10:15 PM (Source: TeleTrader)
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Chart for: Snap Inc

Snap Q1 revenue rises 44% to $462M

American tech company Snap Inc. reported on Tuesday that its revenue for the first quarter of fiscal 2020 increased by 44% on an annual basis to $462 million. At the same time, the California-based firm said it's daily active users rose 20% to 229 million year-on-year.

The company's first quarter of 2020 diluted net loss per share decreased by 7% to $0.21, while the net loss slightly improved by $4 million to $306 million, compared to the same period in 2019. "Snapchat is helping people stay close to their friends and family while they are separated physically, and I am proud of our team for overcoming the many challenges of working from home during this time while we continue to grow our business and support those who are impacted by COVID-19," CEO Evan Spiegel stated.

In after-hours trading on Tuesday Snap stock jumped 17.7% changing hands at $14.64 at 4:47 pm ET.

Breaking the News / BJ