Snap Stock Is Attracting Buyers Wednesday: What's Going On?
Portfolio Pulse from Adam Eckert
Snap Inc (NYSE:SNAP) reported better-than-expected Q3 results and announced a $500 million buyback, leading to a rise in its stock price. Q3 revenue increased 5% YoY to $1.19 billion, beating estimates. Daily active users grew 12% YoY to 406 million. The company refrained from providing formal guidance due to war-related headwinds but expects Q4 revenue of $1.32 billion to $1.375 billion. Snap's COO Jerry Hunter will retire and the board authorized a share repurchase program of up to $500 million.
October 25, 2023 | 1:30 pm
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Snap's better-than-expected Q3 results and $500 million buyback announcement have led to a rise in its stock price. The company expects Q4 revenue of $1.32 billion to $1.375 billion.
Snap's better-than-expected Q3 results and the announcement of a $500 million buyback have positively impacted its stock price. The company's expectation of Q4 revenue of $1.32 billion to $1.375 billion also indicates a positive outlook, despite war-related headwinds.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100