Snap shows growth with its first quarterly net profit

It earned 22 cents per share, more than double estimates of 10 cents per share.

Snap posted a net profit of $22.6 million in the fourth quarter.

Snap’s fourth-quarterearningscontrast with the quarterly performance ofFacebook, which renamed itself Meta.

The rough performance at Facebook dragged other social media stocks, including Snap’s, lower.

Earlier on Thursday, Snap’s stock closed down 24%, at $24.50 per share.

Like other social networks, though, Snap also expectedApple’sprivacy changes to impact its ad business.

Snap’s ad business recovered more quickly than the company expected.

Users are able to try out clothing, glasses and other accessories using AR.

“Augmented reality represents one of our most exciting long term revenue opportunities.