SNAP Inc [NYSE:SNAP] closed last week on a high note, and is having a positive price action pre-market. This follows the company’s announcement of strong Q3 results. The company reported that its total revenues for Q3 stood at $678.7 million, an increase of 52% compared to the previous year.
The company also announced that the number of daily active users increase by 4% compared to July figures from 238 million users to 249 million. The increase in daily active users is also quite significant when compared to the figure of 210 million daily users that it reported a year ago. On top of that, the company’s net loss by 12% to $200 million. The company’s year-over-year revenue growth of 47% to 50% when compared to a similar period a year ago.
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Commenting on the results, the CEO Evan Spiegel said that the company’s growth was due to the accelerated adoption of augmented reality. He stated that with the adoption of this technology, the company was working on the execution of multiple opportunities on that front.
The company also announced that the Q3 results offered the company an opportunity to work with other brands that are aligning their marketing efforts with the company’s corporate values The company’s jump in revenues have been drive in part by the growing the StopHateforProfit campaign that saw lots of advertisers boycott Facebook ads and opted for other platforms including Snap.
During the campaign, more than 1000 advertisers pull off their ads from Facebook in July in protest to the company’s misinformation and speech policies.
According to Snapchat’s Chief Business Officer Jeremi Gorman, the boycott of Facebook gave the company an opportunity to engage advertisers and agencies to make sure that all the company’s existing and new partners understand the companies in relation to the company’s values.
The company’s Chief Financial Officer Derek Anderson also weighed in on the issue stating that the company was pleased with the growing strength of the momentum that the company has made with its advertising partners. He added that the company remained optimistic that the current growth rate would see the company’s business grow in coming quarters.
Looking at its price action, the stock is in a breakout. If the market starts the day in positive territory, there is a good chance that it could rally all through the day.
About Snap Inc
Snap Inc is a social media company whose application helps users communicate via short videos. It is based in Santa Monica, California.