What happened Shares of Snap (NYSE: SNAP) jumped 7.4% on Friday, following the social media company's first-quarter earnings release. So what The parent company of Snapchat said its revenue soared 66% year over year to $770 million. The gains were fueled by a 22% increase in daily active users, to 280 million, as more people turned to online entertainment during the coronavirus pandemic. Investors cheered Snap's impressive first-quarter user and revenue metrics. Image source: Getty Images. Still, Snap is not yet profitable; it generated a net loss of $287 million during the quarter. However, it did produce positive free cash flow of $126 million. "We began 2021 by achieving our highest year-over-year revenue and daily active user growth rates in over three years during the quarter and delivering positive free cash flow for the first time in Snap's history as a public company," CEO Evan Spiegel said in a press release. Now what Management expects Snap to deliver revenue of $820 million to $840 million in the second quarter. That would represent year-over-year growth of roughly 83% at the midpoint and a significant acceleration from the first quarter. "The strength of our business underscores our relentless focus on product innovation and is a testament to our team's ability to execute well together over the long term," Spiegel said. 10 stocks we like better than Snap When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Snap wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source