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Snap Inc (NYSE: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.
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"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."
See Also: What To Expect From Q3 Internet Earnings
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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.