Snap Inc (NYSE: SNAP) shares are trading higher Wednesday after the company reported better-than-expected financial results and announced a $500 million buyback.
What Happened: Snap said third-quarter revenue increased 5% year-over-year to $1.19 billion, which beat the consensus estimate of $1.11 billion, according to Benzinga Pro. The company reported quarterly earnings of 2 cents per share, which beat analyst estimates for a loss of 4 cents per share.
Daily active users grew 12% year-over-year to 406 million. Total time spent watching Spotlight increased more than 200% on a year-over-year basis. Snap noted that more than 200 million people ...