-- China logged a 3.5% increase to a record 1.52 billion inter-regional passenger trips during the five-day May Day holiday, driven by strong tourism and family visit demand, according to the Ministry of Transport.
Road travel climbed 3.5% to 1.39 billion trips. Railway trips rose 4.6% to 106.4 million.
Waterway trips declined 1.4% to 8.5 million, while civil aviation declined 5.7% to 10.5 million trips.
Snap's (SNAP) first-quarter loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded an up to $25 million impact from the Middle East conflict, sending its shares down early Thursday.The Snapchat parent reported a net loss of $0.05 a share for the quarter ended March, compared with a loss of $0.08 the year before, it said late Wednesday. The consensus on FactSet was for a GAAP loss of $0.07 per share. Revenue improved 12% to $1.53 billion, in line with the Street's view."In (the first quarter), we demonstrated substantial financial progress with revenue at the top end of our guidance range," Chief Financial Officer Derek Andersen said during an earnings call, according to a FactSet transcript. "More broadly, we believe (the first quarter) provides early evidence that the strategic framework we laid out last fall is beginning to translate into more durable revenue growth, a more efficient cost structure, and a clear path to net income profitability."Advertising revenue inclined 3% to $1.24 billion, mainly boosted by gains in direct response advertising revenue, the company said in an investor letter. However, the growth was partially offset by continued headwinds in the group's North America large client advertising business, as well as an impact of about $20 million to $25 million from the Middle East war in March, according to Snap.The stock fell 9.8% in the most recent premarket activity."Large advertisers in North America remained a headwind to advertising growth in (the first quarter)," Chief Executive Evan Spiegel said on the call. "We're not satisfied with that outcome, but we're beginning to see encouraging signs that this part of the business is improving."Other revenue surged 87% to $285 million. Daily active users rose 5% to 483 million, ahead of the average analyst estimate of 475.7 million. Average revenue per user advanced to $3.17 from $2.96 in the prior-year quarter, but missed the market's forecast of $3.21.For the ongoing quarter, the company anticipates revenue to come in between $1.52 billion and $1.55 billion. The Street is looking for $1.54 billion. The guidance assumes that the operating environment in the Middle East "remains consistent" relative to the "magnitude" of headwinds that Snap faced in March and April. The company cautioned that the trajectory of the geopolitical situation in the region is uncertain.The US and Iran are reportedly closing in on a one-page memorandum of understanding to end their war and establish a framework for nuclear negotiations.Snap's outlook also assumes no contribution from Perplexity as it "amicably" ended its relationship with the software firm in the first quarter.In November, the company announced it was partnering with Perplexity to integrate its AI-powered answer engine with the chat interface of Snapchat. Perplexity was set to pay Snap $400 million for one year as part of the deal.