Snap shares fall over 10% on third-quarter revenue miss
Image: CNBC
Snap shares sank over 10% when the Snapchat parent missed on revenue and daily active users in its third-quarter earnings report Wednesday.
Here's how the company did compared with analysts' expectations:
Sales in Snap's third quarter jumped 14% year-over-year while net income came in at $56 million, compared to the $104 million net loss it logged the prior year.
Snap's third-quarter adjusted earnings came in at $383 million, topping the $337 million that analysts were projecting, according to StreetAccount.
The Snapchat parent said fourth-quarter revenue should come in between $1.95 billion and $1.99 billion. The midpoint of that figure is higher than Wall Street's estimates of $1.95 billion.
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