Snap Wins New Users in First Quarter, Sales Beat Estimates
- Daily active users increase for first time since early 2018
- Android app redesign was rolled out to all users in quarter
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Snap Inc. reported results that exceeded already high expectations, giving investors another reason to be optimistic for a revival of the social-media company.
The parent of photo-messaging app Snapchat said first-quarter sales rose 39 percent to $320 million and its loss narrowed. The Santa Monica, California-based company also saw more users join, compared with the previous quarter -- the first increase in that metric in four quarters.