Snap reported strong Q3 results, with increased revenue and user growth, but weak Q4 guidance.

From CNBC: 2024-10-29 16:39:20

Snap reported better-than-expected third-quarter results with earnings per share of 8 cents and revenue of $1.37 billion. Global daily active users reached 443 million, while average revenue per user was $3.10. The company’s net loss narrowed to $153 million. Fourth-quarter guidance was light, with sales projected between $1.51 billion and $1.56 billion. Snap also announced a $500 million stock repurchase program.

Snap’s Snapchat+ paying subscribers have reached 12 million. The company introduced a subscription service in 2022, offering exclusive features for $3.99 a month. CEO Evan Spiegel highlighted investments in AI and AR driving growth opportunities. Snap unveiled the fifth generation of its Spectacles AR glasses for developers, while Meta CEO Mark Zuckerberg revealed Orion AR glasses generating enthusiasm.

Snap emphasized the importance of developers for its Spectacles and AR initiatives, aiming to be the most developer-friendly platform. Despite a 36% drop in shares for the year, Snap remains focused on innovation and growth in the AR space.



Read more at CNBC:: Snap Q3 earnings report 2024