Snapchat parent Snap exceeds expectations – AI impresses advertisers — TradingView News

Die Snapchat-Mutter Snap SNAP may exceed Wall Street expectations in both revenue and user growth in the third quarter. Sales rose 15 percent to $1.37 billion compared to the same quarter last year, slightly above analysts’ estimates of $1.36 billion, Snap announced on Tuesday. The number of daily active users increased by nine percent year-on-year to 443 million, also exceeding forecasts of 441 million. The company was able to win back some advertising customers with improved functions. “Our investments in machine learning to improve advertising targeting and simplify advertising delivery for small and medium-sized businesses are paying off,” said CEO Evan Spiegel. For the current fourth quarter, Snap expects sales between $1.51 and $1.56 billion. In a letter to shareholders, Snap explained that demand for advertising had recently weakened in the fourth quarter, which is traditionally characterized by high advertising spending by large companies during the holiday season.