(RTTNews) - Snap Inc. (SNAP) Tuesday reported a narrower loss for the third quarter that also was better than Wall Street's expectations, as revenues surged 50%. The company issued a mediocre revenue guidance for the current quarter.
California-based Snap reported third-quarter loss of $227.4 million or $0.16 per share, narrower than last year's $325.1 million or $0.25 per share.
Adjusted loss for the quarter were $0.04 per share, compared with last year's loss of $0.12 per share. Analysts polled by Thomson Reuters expected the company to report a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter surge 50 percent to $446.2 million from $297.7 million in the prior year. Analysts had a consensus revenue estimate of $434.79 million for the quarter.
"We delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and our business," said Evan Spiegel, CEO.
Snap said it added 7 million daily active users to end the third quarter with 210 million, up from 203 million in the second quarter and 186 million last year.
Looking forward to the fourth quarter, Snap expects revenues of $540 million to $560 million. Analysts currently estimate revenues of $555.31 million.
SNAP closed Tuesday's trading at $14.00, down $0.58 or 3.98%, on the Nasdaq. The stock further dropped $0.36 or 2.53% in the after-hours trading.
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