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Snap Shares Rise 10% on Q3 Earnings Beat and $500M Share Buyback Announcement
Oct 30, 2024 12:32 AM - Davit Kirakosyan
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Snap (NYSE:SNAP) shares climbed over 10% in after-hours trading after the social media company reported third-quarter results that exceeded expectations and unveiled a $500 million share buyback program.
For Q3, Snap posted adjusted earnings per share of $0.08 on revenue of $1.37 billion, slightly beating the Street’s estimates of $0.08 EPS on $1.36 billion in revenue. Daily active users grew by 37 million, or 9%, reaching 443 million and surpassing the 441 million estimate, while total time spent on the platform rose 25% year-over-year.
The newly announced buyback program will enable Snap to repurchase up to $500 million of its common stock.
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