’s highest daily active user growth rate since 2017 and significantly topped Wall Street revenue expectations for the third quarter of 2020. On the stellar results, investors rallied behind the stock — which rocketed up more than 20% in early trading Wednesday to new all-time highs.
“Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time,” Snap CEO Evan Spiegel said in announcing earnings Tuesday. “We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future.”
The company’s brand advertising business has continued to strongly rebound, and is likely tracking well into October, according to Levine. He added, “We think we are in the top of the first inning regarding AR/VR and maps revenue opportunities.”
Oh Snap
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