Shares of Snap (SNAP) were rising almost 12% after hours Tuesday after the social media company reported second quarter top- and bottom-line results, as well as other metrics, that came in ahead of expectations.
The company reported revenue of $388 million with a net loss of 6 cents per share, topping analyst expectations of $360 million on a net loss of 10 cents per share.
The company reported 203 million daily active users in the quarter, higher than the number of DAUs it reported in the same period last year and ahead of the 192 million DAUs Wall Street was expecting for the period. Overall, the company added 13 million DAUs in the quarter.
"The growth in our community, engagement, and revenue is the result of several transitions we completed over the past 18 months," said Evan Spiegel, CEO. "We look forward to building on our momentum and making significant ongoing progress in each of these areas."
For the third quarter, the company expects revenue to jump to between $410 million and $435 million, up from $298 million a year ago. Analysts were expecting revenue of $402.9 million for the quarter.
Shares were rising 11.6% to $16.51 after hours after gaining 4.8% in regular trading. Year to date, Snap is up almost 200%.