Snap Inc. Q3 Revenue Grows 15%, New Buyback Plan

Snap Inc. (SNAP) reported a strong third quarter for 2024, with revenues reaching $1.37 billion, marking a 15% increase from the previous year and surpassing Wall Street's expectations. The company achieved an earnings surprise with adjusted earnings per share of $0.08, exceeding forecasts of $0.05. Despite these gains, Snap provided a conservative revenue forecast for the fourth quarter, citing reduced advertising demand from large brands. Daily active users climbed by 9% year-over-year to 443 million, which also beat estimates. Snap has invested in machine learning to enhance ad targeting, introduced a share repurchase program of up to $500 million, and focused on augmented reality and new creative experiences to drive long-term growth, despite facing competitive pressure from larger platforms like Meta.