Why Snap Stock Is Skyrocketing to All-Time Highs Today
Shares of Snap (NYSE: SNAP) have skyrocketed to all-time highs today, up by 36% as of 12:10 p.m. EDT, after the Snapchat parent reported blockbuster third-quarter earnings. Investors were impressed that the company swung to a surprise profit after crushing top-line expectations.
Revenue in the third quarter increased by 52% to $678.7 million, well above the consensus estimate of $551.4 million. That resulted in adjusted earnings per share of $0.01, compared to the $0.05 per share in adjusted losses that analysts were expecting. The social media tech company added 11 million daily active users (DAUs) during the quarter, bringing its total DAUs to 249 million.
Image source: Snap.
Source Fool.com
