Evan Spiegel Pop information composer google Provident Enterprise COST Evan Spiegel

Snap Sees Upside Surprise As Quarterly Revenue Rises; Daily Active Users Hit 406 Million

Reading now: 544
deadline.com

Snap returned to revenue growth in the third quarter, surprising Wall Street, and clocked gains in daily active users (DAUs), as net losses widened on a restructuring charge amid layoffs.

Revenue rose to $1.18 billion from $1.13 billion for the three months ended in September after falling in both the first and second quarters for the first time since the company went public in 2017.

Net losses widened to $368 million from $359 million. A wind down of its AR Enterprise business, which included a reduction of our global employee headcount by approximately 3% led to restructuring charges of $18.6 million, composed primarily of cash severance and stock-based compensation expenses.

Daily active users increased 12% year-over-year to 406 million. The company anticipates continued growth in its global community will lead to DAUs rising to between 410 and 412 million in the fourth quarter.

Read more on deadline.com
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA