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Snap shares spike as company reports 'growing momentum'
Snap is bucking last week's trend of post-earnings market downturns for social media companies like Meta and Reddit. An optimistic quarterly earnings report saw Snap's share price rise premarket Tuesday. The company beat on both earnings and revenue — with sales climbing 19% year over year — and CEO Evan Spiegel boasted of "growing momentum" in Snap's advertising business. The company's third-quarter revenue forecast of $1.7 billion to $1.74 billion came in ahead of estimates. Snap also upped its expected full-year infrastructure spending by $50 million.
Snap is defying the recent pattern of post-earnings declines among social media companies such as Meta and Reddit. An upbeat quarterly earnings report pushed the company’s share price higher in premarket trading on Tuesday. The company surpassed...
