In another instance of Snap Inc.'s earnings volatility, the social media company's stock experienced a significant post-earnings surge on Friday, but this time in a positive direction. Shares of the Snapchat parent soared as much as 30%, marking a stark difference from its history of double-digit swings on quarterly reports.

According to data compiled by Bloomberg, since the second quarter of 2021, ten out of the last 12 earnings reports from Snap have triggered notable price movements, ranging from a selloff of nearly 40% to a gain of almost 60%. The average price swing in response to the company's earnings has been substantial, sitting at 19.8%.

Among Snap's ten nearest competitors in the Internet media & services industry, Roku Inc. also exhibits similar volatility, averaging a 16% move. However, Snap outshines its competitors with its average swing of 19.8%, surpassing the group average of 10%.

The rally on Friday followed Snap's release of a strong sales forecast, alleviating concerns about the company's future prospects and resulting in at least one analyst upgrading their rating on the stock. This positive reaction to the results marks the first time Snap's stock has seen a favorable share-price response since April 2022.

However, the company's past earnings reports have often acted as negative catalysts, triggering selloffs. Prior to the most recent report, Snap's previous seven reports led to declines in the stock price. Notably, in February, shares plummeted approximately 35% amidst growth concerns highlighted in the fourth-quarter results. Despite the impressive gain on Friday, the stock still remains down about 15% for the year, in contrast to a 24% gain recorded by industry leader Meta Platforms Inc.

While earnings days have historically been the catalyst for Snap's biggest stock movements in recent years, its largest single-day drop occurred in May 2022 when the company lowered its forecast.

Investors will continue to closely monitor Snap's earnings volatility, as the company's financial performance and market outlook continue to shape its stock's trajectory.