Greg Sandoval/Business Insider
Snap's revenue for Q3 blew away analysts' expectations and sent its stock booming in after-hours trading late Tuesday.
Snapchat's parent company said it generated $678.7 million in revenue in the third quarter, up by 52% year-on-year. The reported revenue beat Wall Street analysts' consensus by more than $100 million.
The jump in revenue growth by Snap could signal optimism for the rest of the tech industry as it continues to stymie the effects of the coronavirus pandemic. Like many tech companies, Snap relies on revenue from brands, whose pandemic-related financial slowdowns were expected to have a domino effect on ad buyers.
In after-hours trading, Snap's stock shot up more than 20%.
Here are the key numbers, as well as the average analyst estimates, via Bloomberg:
- Revenue: $678.7 million, up 52% year-on-year (vs $559.2 million estimate)
- Daily Active Users: 249 million, up 19% year-on-year (vs 244.6 million estimate)
- Earnings Per Share (adjusted): 1 cent (vs estimated loss of 5 cents)
This story is developing....
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