$Snap Inc (SNAP.US)$ shares are skyrocketing Friday after its first-quarter results came in at a loss, but Daily Active users climbed 10% year over year to 422 million.
The company said it onboarded over 1,500 Snap Stars in the quarter, which has helped generate quarter-over-quarter growth in Story posts, Spotlight posts, and Stories time spent for Snap Stars globally.
Based on these strengths, quarterly sales clocked in at $1.195 billion, which beat the analyst consensus estimate of $1.12 billion by 6.74% and represents a 20.88% increase over sales of $988.608 million from the same period last year.
The company reported 422 million daily active users in the first quarter, an increase of 39 million, or 10%, year-over-year.
Snap sees second-quarter revenues between $1.225 billion and $1.255 billion.
"As we enter Q2, we anticipate continued growth of our global community, and as a result, our Q2 guidance is built on the assumption that DAU will be approximately 431 million in Q2," the company said.