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Snap Sinks 30% In Late Trading On 3Q Numbers, Forecast Pulling Facebook, Twitter Lower; Daily Active Users Hit 306M
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deadline.com
deadline.comShares of Snap plunged 30% in after-hours trading after the company reported what appeared to be solid third quarter numbers, albeit softer than hoped for revenue forecasts.Snapchat daily users hit 306 million, an increase of 57 million, or 23%, year-over-year.
Grow is slowing as expected after a bonanza that continued through last quarter driven in part by the global pandemic.Revenue jumped 57% to $1.067 million.
Net losses narrowed to $72 million. The company cited headwinds, including changes in Apple’s privacy policies. Execs will discuss the compan’s numbers and outlook during a call at 5 pm ET.Snap is the first of of the big social media platforms to report quarterly figures and is seen a bellwether for the industry.
Read more on deadline.com
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