Snap Shares Fall More Than 10% After Third-Quarter Revenue and User Misses

Revenue came in at $1.72 billion, compared with a $1.73 billion estimate. Global daily active users totaled 495 million, below an estimate of 499 million. Adjusted earnings reached $383 million, topping the $337 million estimate. Revenue grew 14% from a year earlier, and net income was $56 million, compared with a $104 million loss a year earlier. Snap forecast fourth-quarter revenue of $1.95 billion to $1.99 billion, putting the midpoint above the $1.95 billion estimate. It projected adjusted earnings of $490 million to $525 million, compared with a $498 million estimate.

Source: TokenPost