Snap reported third-quarter earnings and said its sales have jumped 5% year-over-year to $1.19 billion.
As part of Snap's"internal forecast," the company said that it expects sales in its fourth quarter to be in the range of $1.32 billion to $1.38 billion, compared with $1.33 billion expected by analysts.
Snap said that its chief operating officer, Jerry Hunter, is retiring after seven years at the company and that it has authorized a stock repurchase program of up to $500 million. The company said it has"observed pauses in spending from a large number of primarily brand-oriented advertising campaigns immediately following the onset of the war in the Middle East," which is impacting its current quarter's sales.The company's GAAP net loss widened 2% year-over-year to $368 million in its third quarter, or 23 cents per share.that costs $3.99 a month, reached over 5 million subscribers in its recent quarter, up from 4 million during the prior quarter.
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