A few months ago, Snapchat CEO Evan Spiegel said the key to raising his company’s stock was beefing up marketing budgets while also beefing up the number of Snapchatters on the platform. And it appears the company was able to pull both things off, according to its third-quarter earnings report released Tuesday. (Adweek)
Snap reported that it added 7 million new users and brought in $446 million in revenue—both well ahead of analysts’ expectations for the company. (Mashable)
Analysts were expecting the company to add around 3 million subscribers and to report $435 million in revenue and an adjusted loss of 19 cents per share during the latest quarter. (THR)
Daily Discover viewing time increased 40 percent in the quarter over last year, and in the period more than 100 Discover channels reached a monthly audience of 10 million viewers or more, the company said. (Deadline)
The company’s losses for the quarter came in at $227 million, compared to $325 million a year ago. Continued losses also seemed to be on the minds of investors Tuesday afternoon, with Snap Inc.’s share price declining by as much as 5 percent in after-hours trading, only to stabilize around 2 percent down following the earnings call. (Variety)