) reported its third quarter earnings Tuesday after the bell, beating on the top and bottom lines and suggesting that more growth for the social messaging company may be on the horizon.These earnings beats were a much-needed win. Snap, owner of Snapchat, has become representative of the malaise that can affect an advertising-dependent tech company. The business has— have yet to fully take.
Additionally, Snap offered up a relatively optimistic internal forecast, saying that it sees its Q4 adjusted Ebitda coming in between $65 million and $105 million, a wide range but on the high end from Wall Street's estimates of $100.6 million. Notably, this was not formal guidance; Snap is opting to disclose internal guidance, which should be viewed with some caution.Snap's daily active user numbers are particularly notable – they mark growth of 12% year-over-year.
Despite the upswing in Snap's revenue and signals that the advertising market is recovering, the company's investor letter acknowledged that the third quarter was tough – and telegraphed that trying times are still ahead. Institutional owners may ignore KLA Corporation's recent US$3.9b market cap decline as longer-term profits stay in the greenTesla under investigation by US authorities over driving range claims