- Snap crushed Wall Street expectations during the fourth quarter.
- The stock soared more than 31% in early Wednesday trade, eclipsing the initial public offering price for the first time since July.
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Snap surges above its IPO price after its big earnings beat (SNAP)
Snap shares are up more than 30%.
Snap shares skyrocketed more than 31% Wednesday to $18.46 apiece after the company beat Wall Street expectations. The big gain has Snap trading back above its initial public offering price of $17 for the first time since July.
The social media company posted an adjusted loss of $0.13, beating the $0.16 loss that was expected. Revenue soared 72% year-over-year to $285.7 million, beating the $252.8 million that Wall Street was anticipating. The number of daily active users spiked 18% YoY to 187 million, topping the 184.3 million that analysts were looking for.
Snap priced its IPO on March 1 at $17, and the stock reached a high of $29.44 just two days later. Then, the company fell out of favor on Wall Street, hit by a slew of analyst downgrades. It bottomed out at $11.24 a share in August.
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But shares began to rebounded as Tencent took a 10% stake following the company's dismal third-quarter results and after the company announced a redesign to its app.
Snap shares are up about 26% this year.
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