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Benzinga
Benzinga
Business
Wayne Duggan

7 Snap Analysts On Q3 Sales Miss: 'Meaningful Competition From TikTok'

SNAP TikTok Snap Inc Aaron Kessler Andrew Boone Barton Crockett Brad Erickson Brian Nowak Justin Patterson Justin Post

Snap Inc (NYSE:SNAP) shares traded lower by 30% on Friday after the company disappointed Wall Street with its third-quarter numbers.

On Thursday, Snap reported third-quarter adjusted EPS of 8 cents, beating analyst estimates of a break-even quarter. Snap's $1.13 billion in revenue for the quarter fell short of consensus expectations of $1.14 billion. Revenue was up 6% from a year ago.

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