On August 4, Snap Inc rose 7.54% in pre-market trading, trading at $5.44/share, with turnover of $80,500. The stock surged following the release of its Q2 earnings report after the prior session's close, which delivered results well above market expectations.

Snap reported Q2 revenue of $1.6 billion, up 19% year-over-year, significantly exceeding the consensus estimate of $1.541 billion. Adjusted EBITDA reached $249.6 million, far surpassing analysts' forecast of $188.8 million. The outperformance was primarily driven by increased advertising spend during the FIFA World Cup and stronger commitments from major North American advertisers. The company's AI-powered Smart Campaign Solutions helped advertisers achieve more efficient bidding and audience targeting.

For Q3, Snap guided revenue of $1.7 billion to $1.74 billion, above the Street estimate of $1.7 billion. The CFO noted the company expects to complete its current buyback program in Q4 and will launch a new multi-year repurchase plan starting next year. Additionally, Snap plans to hold a September 16 event in Los Angeles to showcase its consumer AR glasses, Spectacles.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)