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Snap Inc. (NYSE: SNAP) reported fourth quarter financial results after markets closed Tuesday. The camera company said that it had a net loss of $0.04 per share on $390 million in revenue, which compares with consensus estimates calling for a net loss of $0.08 per share and $375.82 million in revenue. The same period from last year had a net loss of $0.13 per share and $285.69 million in revenue.

During the quarter, daily active users (DAU) remained flat at 186 million compared to Q4 2017.

At the same time, average revenue per user (ARPU) increased 37% to $2.09 in Q4 2018, compared to $1.53 in Q4 2017.

Looking ahead to the first quarter, the company expects to see revenues in the range of $285 million to $310 million and an adjusted EBITDA Loss in the range of $165 million to $140 million. The consensus estimates are calling for a net loss of $0.13 per share and $307.18 million in revenue for the coming quarter.

Evan Spiegel, Snap CEO and Co-Founder, commented:

In 2018, we focused on building a foundation to scale the business over the long-term by driving sustainable product innovation, scaling our advertising platform, and hiring the leadership team that will help us achieve our future goals. We ended the year with user engagement stabilizing and have started rolling out the new version of our Android application to a small percentage of our community. We are substantially closer to achieving profitability, as we have maintained a relatively flat cost structure across the past five quarters while growing full-year revenue 43 percent year-over-year.

Shares of Snap closed Tuesday at $7.02, with a consensus analyst price target of $7.63 and a 52-week range of $4.82 to $21.22. Following the announcement, the stock is up 18% at $8.28 in the after-hours trading session.