Shares in Snap Inc. soared by more than 20% in late trading today after the company reported revenue and earnings beats in its first quarter and projected a higher-than-expected outlook for its second quarter.

For its first quarter ended March 31, Snap reported adjusted earnings per share of three cents, up from one cent in the same quarter of last year, on revenue of $1.195 billion, up 21% year-over-year. Analysts had expected Snap to report a loss of five cents per share on revenue of $1.12 billion.

Snap reported 422 million daily active users in the quarter, up 10% year-over-year or 39 million users, higher than the 420 million excepted by analysts. The average revenue per user came in at $2.83, ahead of an expected $2.67.

Snap saw growth across its portfolio of offerings. Total time spent watching Spotlight content, Snapchat’s entertainment platform for user-generated content, grew over 125% year-over-year. The Snap Star program, an invite-only creator program on Snapchat that allows influencers and creators to monetize their content and engage with various monetization opportunities, grew more than 55% in North America, with 1,500 new Snap Stars joining the program in the first quarter. Premium Snapchat+ subscribers also tripled year-over-year in the quarter, to more than 9 million, and small and medium-sized advertisers grew by 85% year-over-year.

Other highlights in the quarter included Snap partnering with Snowflake Inc. to assist advertisers, a new and improved advertising platform and the launch of Sponsored AR Filters, an augmented reality offering that, as the name suggests, allows advertisers to advertise through Snapchat’s AR filters.

Snap’s augmented reality platform has also seen ongoing investment in generative artificial intelligence models and automation for the creation of machine learning and AI Lenses, which also grew 50% in use year-over-year.

“The value we provide our community and advertising partners has translated into improved financial performance,” Chief Executive Evan Spiegel said in the company’s earnings release. “Our large, growing and hard-to-reach community, brand-safe environment and full-funnel advertising solutions have made us an increasingly important partner for businesses of all sizes.”

For its fiscal second quarter, Snap said that it expects adjusted earnings of between $15 million and $42 million, revenue of $1.125 billion to $1.255 billion and daily active users of about 431 million. Analysts were expecting the earnings forecast to be $15.5 million, revenue $1.12 billion and 430 million daily active users.

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