Snap (NYSE:SNAP) shares jumped more than 24% pre-market today after the company released an upbeat revenue forecast for the second quarter, anticipating revenues between $1.23 billion and $1.26 billion, surpassing the consensus estimate of $1.14 billion. The company also expects its adjusted EBITDA to be between $15 million and $45 million, well above the forecast of $10.6 million. Additionally, Snap projects its daily active users to reach about 431 million, slightly higher than the analyst estimate of 429.06 million.
This optimistic guidance follows a strong performance in the first quarter, where Snap’s revenue reached $1.19 billion—a 21% increase year-over-year, beating the $1.05 billion estimate. Revenue growth was strong across all regions, with a 16% increase in North America, a 24% rise in Europe, and a 34% jump in the rest of the world.
Moreover, Snap reported an improvement in adjusted earnings per share, which was 3 cents, compared to 1 cent year-over-year, surpassing expectations of a 4 cent loss per share. Daily active users increased 10% year-over-year to 422 million.