Topline: Snap, the maker of Snapchat, reported strong third-quarter earnings on Tuesday that exceeded Wall Street expectations for user growth and revenue, while at the same time predicting slightly weaker revenue for the final months of the year.
Key background: After its stock market debut two years ago floundered, Snapchat has made a strong comeback, with strong earnings in recent quarters (fewer losses than Wall Street had expected), new revenue opportunities and improved profitability all helping drive shares higher this year. The stock is up almost 150% in 2019, outpacing the broader market and eclipsing its peers in the technology sector.
Crucial quote: "We are excited about executing on the many opportunities in front of us," Spiegel said in a statement.
Crucial statistic: Snapchat's big rally in 2019 has rebounded the stock back within range of its 2017 IPO price of $17 per share. It currently trades near $14 a share, up from its low of $5 last December.
I am a New York-based reporter for Forbes, covering breaking news-with a focus on financial topics. Previously, I've reported at Money Magazine, The Villager NYC, and T
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