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Snap recorded its first profitable quarterly quarter in three months ending December, an unexpected boom that sent shares of its stock plummeting sharply.
Its fourth-quarter revenue topped Wall Street estimates: $ 1.3 billion, higher than the 1.2 billion forecast.
Nevertheless, Snap recorded losses for the year, with revenue of about $ 488 million to $ 4.1 billion.
Investors cheered the financial figures, with the stock rising more than 40% in after-hours trading. Shares lost about 20% during regular trading as shareholders considered whether Meta’s disappointing results could create problems for Snap. Even before this recent sale, Snap stock has stagnated since the fall when the company acknowledged that Apple’s decision to change its iPhone software was causing problems in changing its digital advertising business, making it harder for consumers to see those ads and, as a result, Makes them less valuable.
