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Snap Exceeds Q3 Estimates with $1.37B Revenue, $0.08 EPS, Announces $500M Buyback
Oct 29, 2024, 08:15 PM
Snap Inc. reported its Q3 2024 financial results, exceeding market expectations. The company posted revenue of $1.37 billion, up 15% year-over-year, surpassing the estimate of $1.36 billion. Adjusted EPS came in at $0.08, beating the estimated loss per share of $0.05. Snap's daily active users (DAUs) reached 443 million, slightly above the forecast of 441 million. The company also announced a $500 million stock repurchase program. Snap reported a net loss of $153 million, a significant improvement from the previous year's loss. Adjusted EBITDA stood at $132 million, exceeding the estimate of $90.6 million. However, Snap's guidance for Q4 revenue was below consensus, with expectations set between $1.51 billion and $1.56 billion. Adjusted EBITDA for Q4 is projected to be between $210 million and $260 million, with DAUs expected around 451 million. Despite the positive results, Snap's stock experienced volatility in after-hours trading.
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