Snap Inc. saw its shares surge by nearly 60 percent after the company reported its first-ever quarterly profit, defying analysts’ predictions that the messaging platform would post another loss.
The California-based company said in a Feb. 3 earnings report that its fourth-quarter profit was $22.6 million, or 1 cent per share. The report came as an upside surprise for markets, with analysts expecting Snap to report a loss of 9 cents a share, according to data from FactSet.
