Snap Inc SNAP shares are trading higher by 10.05% to $9.14 Tuesday morning as the stock rebounds after falling following last week's third-quarter earnings report.
The company said it will not provide fourth-quarter expectations due to uncertainties in the operating environment but believes it is likely that year-over-year revenue growth will decelerate as it moves through the fourth-quarter. Snap also said total time spent watching content in the U.S. decreased 5% year over year.
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What Happened?
Snap reported third quarter revenue of $1.128 billion, up 6% year-over-year. The total came in ahead of a Street estimate of $1.12 billion.
The company reported earnings per share of 8 cents in the third quarter, beating a Street estimate of a loss of 1 cent per share.
Meanwhile, CEO Evan Spiegel said Snap will continue to “navigate this volatile macroeconomic environment” moving forward with its community of 363 million daily active users...Read More
According to data from Benzinga Pro, Snap has a 52-week high of $78.18 and a 52-week low of $7.33.
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