RTTNews | Jul 23, 2021 06:52AM EDT

06:52 Friday, July 23, 2021 (RTTNews.com) - Shares of camera and social media company Snap Inc. (SNAP) are up more than 17% in pre-market on Friday.

Thursday after the bell, the company had reported its second-quarter results, posting a 53% narrower net loss of $151.66 million or $0.10 per share compared to net loss of $325.95 million or $0.23 per share last year.

Excluding items, earnings were $0.10 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.01 loss per share.

Revenue for the quarter increased 116% year-over-year to $982.11 million. The consensus estimate was for $844.98 million.

The company said its daily active users (DAU) increased 23% year-over-year to 293 million in the second quarter.

Looking forward, the company sees revenue in the third quarter to be between $1.070 billion and $1.085 billion. Analysts expect the company to report revenue of $1.01 billion.

SNAP closed Thursday's trade at $62.97, down 0.66%. The stock is currently at $73.77.

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