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Snap Tops Forecasts

October 21, 2020

Daily Active Users increased 18% year-over-year to 249 million

Revenue increased 52% year-over-year to $679 million

Operating cash flow improved 28% year-over-year to $(55) million


Snap reported financial results for the quarter ended September 30, 2020. The firm's earnings per share came in at 1 cent in contrast to an expected loss of 5 cents per share. On the top line, revenue came in at $679 million with only $555.9 million expected. Snap Inc had global daily active users (DAUs) of 249 million with Wall Street looking for. 244.12 million.


“Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time. We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future,” said Evan Spiegel, CEO. “The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us.”

Financial Highlights

• Operating cash flow improved by $21 million to $(55) million in Q3 2020, compared to the prior year.

• Free Cash Flow improved by $15 million to $(70) million in Q3 2020, compared to the prior year.

• Common shares outstanding plus shares underlying stock-based awards totaled 1,624 million at September 30, 2020, compared to 1,565 million one year ago.

• Revenue increased 52% to $679 million in Q3 2020, compared to the prior year.

• Net loss was $(200) million in Q3 2020, compared to $(227) million in the prior year.

• Adjusted EBITDA was $56 million in Q3 2020, compared to $(42) million in the prior year.

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