Jim Cramer: Snap Could Go Back to $18 a Share
Let's talk about Snap.
The company missed analysts' first-quarter earnings estimates but posted revenue ahead of forecasts as daily active users rose 20%. Snap reported a loss of 21 cents a share on revenue of $462.5 million.
Analysts had been expecting Snap to report a loss of 20 cents a share on revenue of $423.7 million.
For the year-earlier period, the company posted a loss of 23 cents a share on sales of $320.4 million.
Snap said daily active users were 229 million in the first quarter, up 39 million, or 20%, year-over-year. The numbers cover the period through March 31, when most coronavirus shelter-in-place orders had been in place for only about a week.
"Communication with friends increased by over 30% in the last week of March compared to the last week of January, with more than a 50% increase in some of the geographies that were most impacted," the company said in a statement.
Watch the full video above for Cramer's full take.
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