Snapchat discovers millions of new users
Social media company Snap is reportedly putting together a dossier on Facebook's monopoly practice. FOX Business & # 39; Hillary Vaughn has the latest from DC
People is Discover-ing Snap.
The social network / camera company investigating Discover Channel as an outlet for growth released its earnings Tuesday in another dose of good news / bad news for the company.
The good news that the company behind Snapchat saw user growth boom up to 7 million active users daily during the third quarter and now has 21[ads1]0 million active users daily – exceeding Wall Street's expectations of an increase of 3 million. In addition, Snap raised $ 446 million in revenue for the quarter, up 50 percent from a year earlier.
But the stock was down nearly 4 percent in afternoon trading as the company provided a disappointing fourth-quarter revenue forecast.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| SNAP | SNAP INC. | 14.00 | -0.58 | -3.98% |
Still, Snap touted Daily Discover content announcing that sea time increased 40 percent compared to last year at this time. In addition, the original horror thriller "Dead of Night" reached more than 14 million unique viewers since its premiere in September.
For advertisers, Snapchat recently launched a new "Dynamic Ads" option that creates Snap ads for you based on individual selections. According to Snap, “Dynamic Ads now brings automated customization to the platform, opening new ways to scale and impact very easily.”
CEO Evan Spiegel, who co-founded Snap in 2011, said in an investor letter that the company is on the way to profitability in the fourth quarter.
The company's stock price has jumped back from the $ 5 range last winter – nearly tripled in 2019.
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