Snap Q3 results beat estimates; announced $500M share buyback program

Investing.com -- Snap reported Tuesday third-quarter results that topped estimates, underpinned by stronger-than-expected user growth, and the social media company launched a $500 million share buyback program.

Snap Inc (NYSE: SNAP) was up more than 4% in recent afterhours trading following the report.

Snap reported adjusted earnings per diluted share of $0.08 on revenue of $1.37B, topping Wall Street estimates for adjusted EPS of $0.08 on revenue of $1.36B.

Daily active users jumped by 37M, or 9%, to 443M, topping analyst estimates of 441M, taking total time spent on the platform up 25% in Q3 from the same period a year earlier.

Snap Inc. also launched a share buyback program of up to $500 million of its common stock.

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