SNAP crashes -20% AH after release of Q3 earnings : stocks

*SNAP NOT PROVIDING FORMAL FINANCIAL GUIDANCE FOR 4Q

*SNAP 3Q REV. $1.13B, EST. $1.14B

*SNAP 3Q ADJ EPS 8.0C, EST. LOSS/SHR 2.2C

*SNAP AUTHORIZED STOCK BUYBACK OF UP TO $500M

*SNAP 3Q ADJ EBITDA $72.6M, EST. $24M

META down -5% and PINS down -7% in sympathy.

Snap’s third-quarter revenue grew 6% from a year earlier, the first time its dipped into single digits since the company’s public market debut in 2017. Meanwhile, even as it reported a surprise adjusted profit, Snap’s net loss surged 400% to $360 million, partly due to a $155 million restructuring charge.

Daily active users increased 19% year-over-year, showing the company is still able to attract people to the service despite the struggles on the business side. Average revenue per user (ARPU) was down 11% to $3.11.

More here: https://www.cnbc.com/2022/10/20/snap-earnings-q3-2022.html