US Stock Market Move | Snap (SNAP.US) surged over 13% as Q2 earnings exceeded expectations.

On Tuesday, Snap (SNAP.US) surged over 13%, reaching $5.72. In news, Snap released its second-quarter earnings report for the period ending June 30 after market hours on Monday Eastern Time. The data showed that the companys net loss significantly narrowed from $262.6 million in the same period last year to $164 million. Adjusted profits reached $250 million, well above the market expectation of $192 million. During the period, Snap generated revenue of $1.6 billion, a year-on-year increase of 19%, which significantly exceeded Wall Street analysts' average expectation of $1.54 billion. Among this, advertising revenue, which accounted for most of the total revenue, grew by 9% year-on-year, reaching $1.28 billion. The Other Revenue category, including the Snapchat+ subscription service, grew by 85% year-on-year in the second quarter, reaching $316 million. In terms of user data, Snap's global daily active users (DAU) reached 493 million in the quarter, an increase of about 5% year-on-year, maintaining the growth rate of the previous two quarters and surpassing the market expectation of 488 million. Looking ahead, Snap provided a rather optimistic outlook: third-quarter revenue is expected to be between $1.7 billion and $1.74 billion, with the midpoint exceeding analysts' expectation of $1.7 billion; adjusted profits are forecasted to be between $300 million and $350 million, with the midpoint of $325 million slightly below the market expectation of $327 million.