Snap, Inc. (NYSE:$SNAP) posted its Q3 earnings after the closing bell on Tuesday. Here’s what you need to know!
The Venice, California-based company reported that revenue came in at $207.9 million. As a point of reference, Wall Street expected Snap, Inc. – the creator of the app Snapchat – to bring in $236.9 million. Further, Snap, Inc. reported a loss of 14 cents per share.
In regards to daily active users, Snap saw their DAUs drop to 178 million. The consensus was that Snap would have 181.8 million daily active users. Additionally, Snap’s average revenue per user was $1.17 versus $1.30 expected.
To no surprise, Snap, Inc. is losing market share to Facebook’s Instagram, especially since the launch of the Stories feature last year. That said, there are a number of ad technology platforms that are reportedly interested in Snap. Why? Because Snap’s user base is considerably different from Instagram’s and it has a variety of other types of ads, such as better location-based targeting features.
After the Q3 earnings were posted, Snap shares plunged more than 18%.
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