Snap (SNAP) Soars 9.7% on Q3 Blowout, Upbeat Outlook

We recently published 10 Stocks on Fire Amid Market Chaos. Snap Inc. (NYSE:SNAP) is one of the best-performing stocks on Thursday.

Snap Inc. ended two straight days of losses on Thursday, jumping 9.73 percent to close at $8.01 apiece as investors cheered its strong earnings performance that solidified its path to profitability, alongside an upbeat outlook for the fourth quarter of the year.

In an updated report, Snap Inc. (NYSE:SNAP) said it narrowed its net loss by 32 percent to $103.5 million from $153 million in the same period last year. Revenues increased by 9.8 percent to $1.5 billion from $1.37 billion year-on-year, driven by improved advertising demand and the rapid expansion of direct revenue streams.

Advertising revenues alone increased by 8 percent, while other revenues, including Snapchat+ subscription, jumped 54 percent year-on-year.

Adjusted EBITDA stood at $182 million, higher by 38 percent than the $131.96 million in the same comparable period.

For the fourth quarter, Snap Inc. (NYSE:SNAP) expects to hit revenues of $1.68 billion to $1.71 billion, implying a year-on-year growth of 8 to 10 percent, while adjusted EBITDA is projected at $280 million to $310 million.

In other news, Snap Inc. (NYSE:SNAP) also announced plans to repurchase $500 million of its shares in line with its commitment to provide greater shareholder value.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

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