Snap shares soar 23% as company beats on earnings, shows strong revenue growth [MSNBC.com]
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Source: MSNBC.com
Snapfirst-quarter resultsHere's how the company did:Revenue for Snap's first quarter increased 21% from $989 million in the same period last year. The company is growing at an accelerated clip, after it had previously reported six straight quarters of single-digit growth or sales declines.Snap has been working to rebuild its advertising business after the digital ad market stumbled in 2022, and it's starting to pay off. In its investor letter, Snap said revenue growth was primarily driven by improvements in the company's advertising platform, as well as demand for its direct-response advertising solutions.During its quarterly call with investors, Snap finance chief Derek Andersen said the company also benefited from improvements across the greater operating environment."I think more broadly, we saw a much more robust brand environment, which played out in all of our regions in Q1," Andersen said.Advertising revenue came in at $1.11 billion in the first quarter. Snap's "Other Revenue"
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