Snap, Inc. (NYSE: SNAP) reported a net profit for the third quarter of 2022, on an adjusted basis, contrary to expectations for a loss. Revenues of the multimedia messaging platform increased by 6% but slightly missed the estimates.
Third-quarter earnings, on an adjusted basis, was $0.08 per share, compared to $0.17 per share in the same period of last year. Analysts had predicted a loss for the latest quarter.
On an unadjusted basis, the company reported a net loss of $359.5 million or $0.22 per share for the September quarter, compared to a loss of $71.9 million or $0.05 per share in the third quarter of 2021. Meanwhile, revenues increased 6% annually to $1.13 billion. The top line, however, slightly missed analysts’ forecasts.
Check this space to read management/analysts’ comments on Snap’s Q3 2022 earnings
“The growth of our community to 363 million daily active users, an increase of 19% year-over-year, continues to expand our long-term opportunity as we navigate this volatile macroeconomic environment,” said Evan Spiegel, CEO of Snap.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Shares of Dollar Tree Inc. (NASDAQ: DLTR) were down over 1% on Wednesday, a day after the company reported earnings results for the third quarter of 2022. Revenue and earnings
Target Corporation (TGT): A look at how the retail giant is shaping up against an inflationary backdrop
Shares of Target Corporation (NYSE: TGT) were up over 1% on Wednesday. The stock has dropped 30% year-to-date and 35% over the past 12 months. Last week the company reported
Zoom Video Communications (NASDAQ: ZM) expanded its customer base at an accelerated pace during the COVID crisis and soon became the preferred video conferencing platform for businesses and millions of