Snap Inc. Reports 15% Revenue Growth in Q3

Snap Inc. reported a strong third quarter, with revenue rising 15% year-over-year to $1.37 billion, surpassing analyst expectations of $1.36 billion. Daily active users increased by 9% to 443 million, driven by new AI features and a focus on video content, although future user growth is projected to be slower. The company initiated a share repurchase program of up to $500 million, boosting investor confidence despite initial trading volatility. Snap's CEO, Evan Spiegel, highlighted the success of AI tools for creators and a shift towards more lucrative direct response ads, contributing to the company's improved financial performance. Adjusted earnings per share reached 8 cents, exceeding expectations of 5 cents. Looking ahead, Snap anticipates revenue for the holiday quarter to be between $1.51 billion and $1.56 billion, aligning with market forecasts.