Snap shares surged 15% after beating Q3 revenue expectations and announcing a $500 million stock repurchase program. The company also revealed a partnership with Perplexity AI, integrating conversational search into Snapchat by 2026. Snap’s Q4 sales are expected to be between $1.68 billion and $1.71 billion, slightly ahead of Wall Street estimates.

Snap’s earnings call revealed plans to create a separate subsidiary for augmented reality glasses development. While the company’s shares initially soared 25% in after-hours trading, they dropped after CFO Derek Andersen discussed sales-related challenges. Snap also warned investors of potential negative impacts from government regulations like Australia’s social media minimum age bill.

Pinterest shares plummeted due to missed Q3 earnings and weaker guidance. Big tech companies like Meta, Alphabet, and Amazon reported strong digital advertising sales in their latest earnings. Meta’s Q3 sales surged 26% to $51.24 billion, while Amazon’s online ad revenue soared 24% to $17.7 billion. Alphabet saw a 13% increase in advertising revenue to $74.18 billion.

Reddit reported a 68% year-over-year increase in Q3 sales to $585 million, with global daily active uniques rising 19% to 116 million. The company surpassed estimates of 114 million daily active uniques. Jim Cramer discusses the responsibility of Zuckerberg to invest in his network of properties.

Read more at CNBC: Snap shares rocket 15% on strong forecast, $400 million Perplexity deal