Share snap After the company reported strong figures for the third quarter, after-hours trading plunged 30%, but it was weaker than expected in earnings forecasts.
Snapchat The number of users per day reached 206 million, an increase of 57 million, or 23%, year-on-year.
Revenue increased 57% to $ 10.67 million. Net loss shrank to $ 72 million. The company cited changes in Apple’s privacy policy as a headwind. Executives discuss numbers during a call at 5 pm Eastern Standard Time.
The first Snap to report quarterly numbers on a large social media platform is seen as intriguing. Facebook, Twitter and Google will report next week. Facebook and Twitter shares both fell by more than 6% in the second half of the transaction.
The LA-based company is the largest of Gen Z (13-24 years old) and is bigger than Facebook, Instagram and Twitter in demos.
“Snap celebrated its 10th anniversary this quarter. It grows its community to 306 million active users per day, increasing revenue by 57% year-on-year, giving it long-term business opportunities and potential. We’re excited. $ 1.067 billion quarterly, “said CEO Evan Spiegel.
“Currently, the scale needed to survive significant headwinds, including iOS platform changes affecting ad targeting, measurement, and optimization methods, and global supply chain issues and labor shortages affecting partners. We will continue to focus on innovation to deliver strong results to our advertising partners, extend the capabilities of our platform and better serve our communities. “
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Snap is 30% sink in slow trading in Q3 figures, forecast – deadline
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