Snap Hits All-Time Low After Reporting Earnings

Shares of Snap Inc. were tanking in extended traded on Thursday after the company reported third quarter financial results and reported a decrease in daily active users again. The company also said the decrease will continue which didn’t sit well with Wall Street.

This was the second quarter in a row that Snap posted a decline in its daily active users. For the third quarter, the company saw daily active users at 186 million versus the estimate of 186.8 million by analysts. It was also a 1% decrease compared to the second quarter.

Quarterly revenues of $298 million however was a record for the company and also beat the estimates of $283.36 million. The adjusted loss at 12 cents per share, was 2 cents better than consensus expectations of a loss of 14 cents per share.

“We’re investing in long-term growth opportunities and driving operational efficiencies,” said Tim Stone, Snap CFO. “We achieved record revenue and strong bottom-line results this quarter and expect a record fourth quarter, as we continue to invest in innovation for our community and scale our business.”

Disclaimer: We have no position in Snap Inc. (NYSE: SNAP) and have not been compensated for this article.