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.