![]() ![]() “We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future.” “Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time,” Snap CEO Evan Spiegel said in announcing earnings Tuesday. ![]() The company boasted that it turned in its second quarter of positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), which came in at $56 million (versus -$42.4 million in Q3 2019). Snap remains unprofitable, but it narrowed its net loss for Q3 to about $200 million (down from a net loss of $227.4 million in the year-earlier period). An average of 249 million people used Snapchat daily in the period, the company said. Snapchat daily active users increased by 18% year over year, with the addition of 11 million users in Q3. The social messaging and media app company on Tuesday posted all-time quarterly record revenue of $679 million, up a whopping 52% year-over-year, and blowing past analyst consensus estimate of $549.99 million. ![]()
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