Social media company Snap (SNAP) posted better-than-expected results for its third quarter after markets closed on Tuesday, buoyed by growth in its annual daily active users count.
The Santa Monica, Calif.-based company reported revenue of $446.2 million in the three months ended Sept. 30, up from $297.7 million a year earlier and surpassing the consensus estimate of analysts polled by Capital IQ for $436 million.
Daily active users increased 13% year-over-year to 210 million, this marked an increase on the annual rate of change registered in the second quarter, when daily active users increased 8% year-over-year to 203 million.
The company’s adjusted net loss per share narrowed to $0.04 from an adjusted net loss of $0.12 a year earlier. The result was an improvement on the average estimate of analysts for an adjusted net loss per share of $0.05.
“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,” Evan Spiegel, chief executive of Snap, 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.”
For the fourth quarter, revenue is expected to be between $540 million and $560 million, compared to $390 million in the fourth quarter of 2018. Adjusted earnings before interest, tax, depreciation and amortization is expected to be between breakeven and $20 million, compared to negative $50 million in the fourth quarter of 2018.
This post was originally published on Health Opinion