Snap Q3 Results Trump Wall Street View; Shares Up 20%

(RTTNews) - Shares of Snap Inc. (SNAP) gained over 20% in after-hours trading on Tuesday after the company's third-quarter earnings and revenues trumped Wall Street estimates.

Net loss for the quarter were $199.85 million or $0.14 per share, narrower than last year's loss of $227.38 million or $0.16 per share.

Adjusted earnings for the quarter were $0.01 per share, compared to adjusted loss of $0.04 per share last year.

Third-quarter revenues rose to $678.67 million from $446.20 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.05 per share on revenues of $549.99 million. Analysts' estimates typically exclude special items.

Looking forward, the company said it is not providing any guidance for the fouth quarter due to "the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions."

SNAP closed Tuesday's trading at $28.45, down $0.21 or 0.73%, on the Nasdaq. The stock, however, gained $5.85 or 20.56%, in the after-hours trading.