Alternative headline: SNAP somehow surges 22% in after-hours trading despite reporting a $3.5BN loss and burning $819MM in cash.

While revenue and user growth are both positive signs, there are still plenty of red flags. SNAP's hefty valuation is based on much higher growth rates and a faster route to profitability that still has yet to be seen.

[1] https://investor.snap.com/~/media/Files/S/Snap-IR/reports-an...

Edit: grammar