Snap Inc. Third-Quarter Results

Snap reported its third-quarter results on Tuesday, surpassing estimates due to stronger-than-expected user growth. The social media company also initiated a $500 million share buyback program.

Market Reaction

Snap Inc (NYSE:SNAP) saw a more than 4% increase in after-hours trading following the news.

Financial Highlights

• Adjusted EPS: $0.08
• Revenue: $1.37 billion

These figures exceeded Wall Street's expectations of an adjusted EPS of $0.08 and revenue of $1.36 billion.

User Growth

Daily active users increased by 37 million, or 9%, reaching 443 million, which also surpassed analyst predictions of 441 million. Total time spent on the platform grew by 25% in Q3 compared to the same period last year.

Share Buyback Program

Snap Inc. launched a share buyback program of up to $500 million for its common stock.