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10/22, 10:19 PM (Source: TeleTrader)
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Snap-0.65%

15.22
Chart for: Snap Inc.

Snap reports revenue of 446M in Q3, up 50% YoY

US tech company Snap Inc. reported on Tuesday that its revenue for the third fiscal quarter of 2019 stood at $446 million, marking 50% jump compared to $297 million in the same period a year ago. The company's net loss dropped by 30% to $227 million, while in the same quarter last year reached $325 million. Meanwhile, Snap's diluted net loss per share amounted to $0.04, marking a 67% decrease compared to $0.12 recorded in the third quarter of 2018.

The company also noted that it added a whopping seven million daily active users during the third quarter.

"We delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and our business," said CEO Evan Spiegel commenting on the report. "We are a high growth business, with strong operating leverage, a clear path to profitability, a distinct vision for the future, and the ability to invest over the long term. We are excited about executing on the many opportunities in front of us," he underlined.

Breaking the News / GG