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Snap posts Q3 revenue beat, user growth

Snapchat parent Snap Inc. on Oct. 22 reported a 50% year-over-year increase in third-quarter revenue as daily active users grew to 210 million.

Quarterly revenue jumped to $446.2 million from $297.7 million in the prior-year period. That compared to Wall Street consensus expectations calling for $436 million in revenue, according to data compiled by S&P Global Market Intelligence. Snap's daily active users came to 210 million in the just-ended quarter, compared to 186 million in the comparable 2018 period.

The company's net losses contracted to $227.4 million, or 16 cents per share, compared to a loss of $325.1 million, or 25 cents per share, in the third quarter of 2018. On an adjusted basis, Snap reported a non-GAAP EPS loss of 4 cents, versus 12 cents a year earlier.

The S&P Global Market Intelligence consensus GAAP and normalized EPS estimates for the quarter called for losses of 19 cents and 5 cents, respectively.

Looking ahead, Snap expects fourth-quarter revenue to be between $540 million and $560 million.