Mathures Paul | | Published 03.05.21, 12:10 AM
Even after its features got copied blatantly by Facebook, there is no slowing down Snapchat. According to the latest results, revenues for the company have surged in the latest quarter, with Snapchat users increasing. Now it has 280 million daily average users, compared with 265 million in the prior quarter and 229 million a year earlier. The constant improvement could be because of the innovations on the app, the latest being Spotlight, besides, of course, a steady flow of new lenses and filters. In case you haven’t used Spotlight, head for the app right away.
Get the Spotlight game right
Alphabet Inc Class C (NASDAQ:GOOG) and
Alphabet Inc Class A (NASDAQ:GOOGL) shares are both trading higher by 5% after the tech company reported better-than-expected first-quarter EPS and sales results. Alphabet also announced a $50 billion Class C Capital Stock buyback.
A number of analyst rating updates followed the earnings beat:
Keybanc analyst Justin Patterson maintains Alphabet with an Overweight and raises the price target from $2625 to $2681.
Needham analyst Laura Martin maintains Alphabet with a Buy and raises the price target from $2500 to $2700.
Barclays analyst Ross Sandler maintains Alphabet with an Overweight and raises the price target from $2500 to $3000.
Raymond James analyst Aaron Kessler maintains Alphabet with an Outperform and raises the price target from $2440 to $2750.
Share:
Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) shares traded higher after the company reported a first-quarter earnings beat on Tuesday afternoon.
For the first quarter, Alphabet reported adjusted EPS of $26.29 on $55.3 billion in revenue. Both numbers beat consensus analyst estimates of $15.82 and $51.7 billion, respectively. Revenue was up 34% from a year ago.
Google Cloud revenue was up 46% to $4.05 billion in the quarter, but came up slightly short of consensus estimates of $4.07 billion. YouTube advertising revenue was up 49% to $6.01 billion last quarter, topping analyst expectations of $5.7 billion.
Traffic Acquisition Costs (TAC) totaled $9.71 billion on the quarter, exceeding analyst estimates of $9.25 billion.
Alphabet also announced a new $50 billion stock buyback program.
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