(Snap Inc.) Shares of Snap Inc. rose as much as 62% in premarket on Friday as the company reported a net income of $23 million in the fourth quarter of 2021.
The net income, the first by the company, happens after it reported a loss of $133.1 million in the prior year. The company narrowed the loss for FY21 to $488 million from a loss of $945 million in the prior year.
Snap also reported a free cash flow of $161 million in the fourth quarter of 2021, up from a negative cash flow of $69 million in the prior year.
The social media giant reported growth in its community members, with the daily active users rising 20% from the prior year to 319 million in the fourth quarter, more than expected $316.9 million. The Average Revenue per User was $4.06, better than $3.79 estimates.
Snap now projects revenue of between $1.030 billion and $1.080 billion in the first quarter of 2021, while its adjusted EBITDA is expected to break-even.
SNAP: NYSE is up +59.18% on premarket.
