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Snapchat's Stock Soars On Strong Q3 User Growth

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Snapchat's Stock Soars On Strong Q3 User Growth

Snap (NYSE: SNAP) shares are trading higher after the company reported better-than-expected third-quarter EPS and sales results.

The company reported quarterly earnings of 1 cent per share, which beat the analyst consensus estimate by 6 cents.

The company reported quarterly sales of $678.67 million, which beat the analyst consensus estimate of $549.99 million by 23.4%. This is a 52% increase over sales of $446.20 million the same period last year.

Snap reported third-quarter DAUs of 249 million, up 18% year-over-year. Snaps created per day were up 25% year-over-year. The total daily time watching shows were up 50% year-over-year.

See Also: Snapchat Adds TikTok-Like Music Feature For iPhone Users

Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S. The firm is headquartered in Venice, California.

Snap shares traded up 19.30% to $33.94 in Tuesday's after-hours session. The stock has a 52-week high of $29.08 and a 52-week low of $7.89.

 

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Posted-In: SnapChat social mediaEarnings News After-Hours Center Tech Best of Benzinga