Snap Inc SNAP shares ticked lower after Tuesday's close after reporting a third-quarter earnings beat.
Earnings came in at a loss of 4 cents per share, beating estimates by a penny. Sales came in at $446 million, beating estimates by $11.39 million. The company sees fourth-quarter sales of $540 million-$560 million.
"We delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and our business," CEO Evan Spiegel said. "We are a high growth business, with strong operating leverage, a clear path to profitability, a distinct vision for the future, and the ability to invest over the long term. We are excited about executing on the many opportunities in front of us."
Q3 Highlights
- Revenue increased 50% year-over-year
- Daily active users increased 13% year-over-year to 210 million
- Operating cash flow improved 43% year-over-year
Snap shares traded lower by 2.3% in Tuesday's after-hours session. The stock closed down 3.9% at $14 per share.
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