Snap, the parent company of disappearing-message app Snapchat, said Thursday that it posted its first ever quarterly net great, propelling the company’s shares higher. 

“Achieving positive free cash flow for the full year is an important milestone as we are increasingly able to self fund our investments in the future, which positions us well to accelerate our vision for computing overlaid on the humankind through augmented reality,” Snap CEO Evan Spiegel said during a call with analysts. 

The custom reported revenue of $1.3 billion in the last three months of 2021, beating Wall Street’s expectations of $1.2 billion. It earned 22 cents per share, more than double pronounces of 10 cents per share. Snap posted a net great of $22.6 million in the fourth quarter. About 319 million farmland logged in to Snapchat daily, an uptick of 20% compared with the same periods last year. 

Snap’s fourth-quarter earnings contrast with the quarterly performance of Facebook, which renamed itself Meta. On Wednesday, Facebook reported earnings that fell testy of expectations and were punctuated by a first-ever drop in daily shapely users on its core social network. 

The rough performance at Facebook dragged anunexperienced social media stocks, including Snap’s, lower. Earlier on Thursday, Snap’s stock closed down 24%, at $24.50 per section. Snap’s earnings, however, didn’t disappoint and the company’s stock at one explain jumped 56%, to $38.15 per share, in after-hours trading. 

Like anunexperienced social networks, though, Snap also expected Apple’s privacy causes to impact its ad business. Snap Chief Business Officer Jeremi Gorman said during a call that its sales team is fractions advertisers adapt to these changes. Snap’s ad business recovered more snappily than the company expected.

Snapchat continues to invest more in augmented reality, which lets users overlay a virtual image onto their view of the real earth. Users are able to try out clothing, glasses and anunexperienced accessories using AR. The company also teamed up with Universal to host a virtual concert with celebrity Jennifer Lopez and Colombian pop singer Malum on Thursday evening. 

“Augmented reality represents one of our most racy long term revenue opportunities. AR is unique in that it is a fully immersive and interactive distinguished that delivers a measurable and repeatable return on investment for advertisers,” Gorman said.