Snap CEO Evan Spiegel AP Photo/Jae C. Hong Snap's strong third-quarter earnings sent its stock price up as much as 25% in pre-market trading on Wednesday.The Snapchat owner posted a 52% increase in revenues, fueling $56 million in adjusted profits compared to a $42 million loss in the same period of last year.Snap also added more than 11 million daily active users in the three-month period.The company benefited from advertisers boycotting Facebook and seeking to reach users on their devices as they spend more time at home.Visit Business Insider's homepage for more stories.Snap stock soared as much as 25% in pre-market trading on Wednesday after the social-media giant posted third-quarter earnings that exceeded Wall Street forecasts.The Snapchat owner's revenues soared 52% year-on-year to $679 million, blowing past the $559 million consensus estimate of analysts polled by Bloomberg.The company also posted $56 million in adjusted EBITDA — a profit measure that excludes costs such as interest, tax, and stock awards — compared to a $42 million loss in the third quarter of 2019.Read More: Investors are pouring money into 'zero-trust' startups that help catch hackers in the act — here's where 5 insiders are placing their betsThe financial gains reflected an 11 million increase in daily active users in the three-month period to 249 million.
Snap Stock Soars After The Snapchat Owner Smashes Profit And User-growth Forecasts
tmohamed@businessinsider.com (Theron Mohamed), Business Insider
Wed, 10/21/2020 - 2:50am
Topics: snap ceo evan spiegel ap photo/jae c hong visit business insider wall street bloomberg ebitda business insider snap snapchat facebook profit forecasts million posted users earnings pre-market third-quarter revenues reach increase trading devices price adjusted loss daily compared period soared active three-month company
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