• 3 months ago
Snap reported third-quarter guidance that was below analyst estimates, while earnings per share came in on target. Snapchat's monthly active users grew slightly above estimates. CEO Evan Spiegel said the company is making investments in infrastructure, personnel, and marketing that impact costs. Snap's second-quarter sales increased from the previous year despite being impacted by a weaker brand advertising environment in specific consumer discretionary sectors. Shares fell over 20% in after-hours trading.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:03Snap reported third-quarter guidance that was below analysts' estimates, while earnings
00:06per share came in on target.
00:09Snapchat's monthly active users grew slightly above estimates.
00:12CEO Evan Spiegel said the company is making investments in infrastructure, personnel,
00:16and marketing that are impacting costs.
00:19Snap's second-quarter sales increased from the previous year, despite being impacted
00:22by a weaker brand advertising environment and specific consumer discretionary sectors.
00:27After-hours fell over 20 percent in after-hours trade.
00:30For all things money, visit Benzinga.com.

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