Multimedia messaging platform Snap, Inc. (NYSE: SNAP) has reported impressive results for the fourth quarter of 2021. Revenues grew in double digits, driving up adjusted profit to a record high. The results also topped Wall Street’s expectations.
The company’s stock, which has been on a losing streak, got a major boost following the earnings announcement last week. However, SNAP traded lower early Tuesday, after closing the previous session lower.
Fourth-quarter net income, on an adjusted basis, increased $0.22 per share from $0.09 per share in the comparable period of 2020. Analysts had predicted a slower growth. On an unadjusted basis, the company reported a net profit of $22.6 million or $0.01 per share, compared to a loss of $113.1 million or $0.08 per share in the fourth quarter of last year.
The positive outcome reflects a 42% increase in net revenues to $1.30 billion, which also came in above analysts’ forecast.
“2021 was an exciting year for Snap and we made significant progress growing our business and serving our global community. The strength of our core business has enabled us to accelerate our investments in augmented reality, transforming the way that the Snapchat community experiences the world through our camera,” said Evan Spiegel, CEO of Snap.