Snap announces Q3 2018 earnings, revenue, analysis

Evan Spiegel, Snap cofounder and CEO, speaks at the 2018 Code conference.Greg Sandoval/Business Insider

Snap, the parent company of messaging app Snapchat, beat analysts’ expectations for its third quarter on Thursday, sending the stock spiking as much as 9% — before crashing into the red.

Its daily active users fell by 1% throughout Q3 2018 — at a faster rate than Wall Street was anticipating.

Here are the key numbers:

• $297.7 million revenue (versus $283.36 million expected)
• $-0.12 adjusted EPS (versus $-0.14 expected)
• 186 million daily active users (versus 186.8 million expected), down 1%

The company has been struggling in recent months, as it comes under sustained pressure from Facebook and sister app Instagram, and its userbase flat lines following a controversial redesign.

This story is developing…

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