Snap's (NYSE: SNAP) stock price plummeted 21% during an after-hours sell-off on Oct. 21 after the social media company posted its third-quarter results.
Snap's revenue rose 57% year over year to $1.07 billion, but narrowly missed estimates by $30 million. Its net loss narrowed from $200 million to $72 million, while its adjusted EBITDA more than tripled to $174 million.
On a non-GAAP basis, Snap's earnings skyrocketed from $0.01 to $0.17 per share, which beat expectations by $0.09. Those headline numbers looked solid, so why did Snap's stock drop off a cliff?
Source Fool.com