Snap (NYSE) shares traded around 6% higher after its first quarter results. Snap’s user growth was better than expected, and Snap’s EPS ($0.02) fared worse than the consensus estimation of $0.01.

The revenue grew by 38% over the year to $1.06billion, which is slightly less than the consensus estimate at $1.07billion. The number of daily active users grew by 52,000,000, or 18% annually to 332 millions.

CEO Evan Spiegel said, “Our first quarter results reflect underlying momentum within our business through a difficult operating environment. As we grew 332 million people 18% year over year, and 38% more revenue year over year to reach $1.06billion for the quarter, our revenues grew 38% year under-year.”

Company provided Q2/22 outlook. It expects revenue growth of 20-25% over the year and adjusted EBITDA between $30 million and $50 millions.

Shares of SNAP fell 37% in the year to date.

By Davit Kirakosyan