We did see this coming. After becoming visibly the strongest social media platform with great numbers of young social media users on board, Snapchat surely has earned revenue what every other platform lures for.
Snapchat Ruling The Social Media Industry From Years:
From the past few years, Snapchat has been earning big time. And even now, the application has made a standout appearance in the Q3 2019.
Snapchat added 7 million daily active users this quarter to hit 210 million, up 13% year-over-year. Snap also beat on revenue, notching $446 million, which is up a whopping 50% year-over-year, at a loss of $0.04 EPS. That flew past Bloomberg’s consensus of Wall Street estimates that expected $437.9 million in revenue and a $0.05 EPS loss.
However, not everything was ‘happy go lucky’ with the application.
SnapChat Successful Cut Losses:
The mighty application winning over millions of hearts with its continuous upgrade and modern feature once had its struggling days.
Snapchat in cutting losses by its edge towards profitability.
From having net loss $227 million to improving it to $255 million last quarter managed to provide the application with loss decreasing $98 million versus Q3 2018.
What SnapChat CEO has to Say About The Company’s Success?
Believing in the fact that Snapchat should have a higher price in the market share, CEO Evan Spiegel remarked that, “We are a high-growth business, with strong operating leverage, a clear path to profitability, a distinct vision for the future and the ability to invest over the long term.”
He has marked so because the company even after continuous beating had closed down 4% at $14 as its share price.
The man makes sense, doesn’t he?
That’s not all Snapchat is looking forward to its Q4 revenue revelation to be a bigger success. And, we can’t help but look forward to more such news by the social media giant.