The social-media stock initially rose by a double-digit percentage but fell back for a loss as investors digested the commentary.
Snap reported better than expected revenue for the September quarter, but the company’s shares fell after the social media firm warned the war in the Middle East could hurt its results.
For the third quarter, the company reported a loss of 23 cents per share, compared with the Wall Street estimate for a 24-cent loss. Revenue came in at $1.19 billion, above analysts’ expectations of $1.11 billion. Daily active users were 406 million, compared with the 405.8 million estimate. Snap shared internal forecasts indicating revenue for the current quarter is likely to be between $1.32 billion and $1.375 billion, compared with the consensus view of $1.34 billion. The company expects 410 million to 412 million daily active users, versus the 414.5 million analysts’ estimate.
Snap shares were initially up by a double-digit percentage in after-hours trading following the report. They fell back for a loss of 2.2% to $9.50 as investors digested the commentary. Snap also said its chief operating officer Jerry Hunter has told the company he plans to retire. Hunter will support Snap through July 1 to ensure the transition is effective.
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