Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, April 26. I'm Julie Morgan.

Snap is riding high.

Alphabet is also up double digits

thanks to YouTube, search and cloud,

and Microsoft beats expectations.

Snap is up 25% pre-market after delivering a surprise quarterly profit beat and projected current quarter revenue above expectations.

The company reported Q1 adjusted profit per share of 3 cents on revenue of 1.19 billion.

Analysts had been expecting an adjusted loss per share of five cents on revenue of 1.12 billion.

It is worth noting that Snap is facing a favorable comparison to Q1, 2023, in which the company had announced its first ever quarterly decline in revenue.

Snap's Q1 2024 results were helped by improving advertising sales and better reach of Snapchat.

The company told investors in a letter that given the progress that they've made on the

ad platform, they believe they're well positioned to continue to improve business performance.

Snap's advertising revenue grew 16% year over year to 1.1 billion.

Meanwhile, daily active users increased by 39 million or 10% year over year.

The company also noted progress in diversifying its revenue sources

in the form of its Snapchat plus subscription

growing to more than 9 million members in the quarter. Turning to Snap's

guidance the company sees Q2 revenue of 1.225 billion to 1.255 billion, implying a year over year growth of 15 to 18 percent.

The consensus revenue estimate for Q2 is 1.21 billion.

Alphabet sees an increase of 12% pre-market after its first quarter earnings easily cleared

analysts expectations.

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