Mmastodon BusinessFinance first seen 7 h ago, last 2 h ago, peak #3
Snap shares fall over 10% on Q3 revenue miss
Original: CNBC: Snap shares fall over 10% on third-quarter revenue miss. “Sales in Snap’s third quarter jumped 14% year-over-year
Snap shares dropped more than 10% after the company reported third-quarter revenue below Wall Street expectations. Sales rose 14% year-over-year, and the company posted net income of $56 million, a swing from the $104 million net loss recorded in the same quarter last year. Despite the return to profit, the revenue shortfall prompted the sharp stock decline.
Why now: Investors reacted negatively to Snap's weaker-than-expected quarterly revenue despite its return to profitability
Evidence
- CNBC: Snap shares fall over 10% on third-quarter revenue miss. “Sales in Snap’s third quarter jumped 14% year-over-year while net income came in at $56 million, compared to the $104 million net loss it logged the prior year. Snap’s third-quarter adjusted earnings came in at… · researchbuzz_firehose@rbfirehose.com
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