Snapchat smashes revenue estimates as users and messages soar in lockdown
Snap has reported third-quarter results late Tuesday that beat revenue estimates and earnings, driven by a big jump in users and similarly large jump in the number of messages sent. The social media company reported an adjusted profit of 1-cent per share on revenue of $678 million. Wall Street expected an adjusted loss of 5 cents on revenue of $550.5 million. Revenue jumped 52% from the year-ago period. Revenue in the three months ended in September rose by 52%, year over year, to $678.7 million, yielding EPS of a penny per share. That compares to the average analyst estimate for $551 million and 5 cents per share. Snap’s user count, on a daily average basis,...
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