Published , by Donovan Erskine
Published , by Donovan Erskine
Snapchat (SNAP) is among the several tech companies dropping earnings results this week. Known for its ephemeral photo-sharing app and filter technology, Snapchat has shared its earnings report for the third quarter of the financial year. In the report, Snapchat shows a beat on both earnings and revenue expectations.
Snapchat’s Q3 2023 earnings report was released after markets closed today. The company reported $1.19 billion in revenue against a $1.1 billion expectation. Snapchat’s EPS was $0.02, beating an expected loss of $0.04.
“Our revenue returned to positive growth in Q3, increasing 5% year-over-year and flowing through to positive adjusted EBITDA as our reprioritized cost structure demonstrated the leverage in our business model,” said Evan Spiegel, CEO. “We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success.”
Snapchat (SNAP) stock skyrocketed in after-hours trading. Its valuation climbed as high as $10.91 after closing the day at $9.70. However, it came back down before leveling out close to its original price at the close of markets.
The report also included the news that Jerry Hunter will soon retire as COO of the company. If you’re looking for more financial news out of this busy earnings week, Shacknews has you covered.