Snap Inc. has surpassed analyst expectations on both revenue and earnings expectations per share for Q3, boosting its share price from just above $28 USD to just shy of $34 USD. Snap posted its third-quarter earning in a post, and it reports the following:
Adjusted earnings per share: 1 cent vs. expected loss of 5 cents per Refinitiv
Revenue: $679 million vs. $555.9 million per Refinitiv
Global daily active users (DAUs): 249 million vs. 244.12 million per FactSet
ARPU: $2.73 vs. $2.27 per FactSet
Most impressive is the company skyrocketing past Wall Street’s revenue expectations of $555 million USD by $124 million USD this quarter.”The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us,” Snapchat CEO Evan Spiegel said in a statement.
User growth increased 4 percent, going from 238 million active users in Q2 to 249 million, an 18 percent year-over-year shoot up overall. The company still reported a net loss of $200 million USD, however, it’s a 12 percent improvement over last year’s numbers.
In related news, LVMH’s Q3 revenue has dipped 21 percent.