Snap Inc. shares plummeted in the extended session Tuesday after the company reported third-quarter results that missed revenue expectations. Snap shares fell 20% to $12.07 after hours. The company reported third-quarter net loss of $443 million, or a loss of 36 cents a share, compared with a loss of $124.2 million, or 15 cents a share, in the year-ago period. Revenue rose to $207.9 million from $128.2 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 33 cents a share on revenue of $236 million. For the fourth quarter, analysts model losses of 31 cents a share on revenue of $306.1 million. Snap stock has dropped 34% in the last six months, with the S&P 500 index rising 8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News