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Snap (NYSE:SNAP) shares plunged 26% after-hours following the company’s reported Q3 results, delivering its slowest revenue growth since going public five years ago.
Q3 EPS came in at $0.08, better than the consensus estimate of ($0.24). Revenue grew 6% year-over-year to $1.13 billion, compared to the consensus estimate of $1.12 billion. Daily Active Users grew 19% year-over-year to 363 million.
“This quarter we took action to further focus our business on our three strategic priorities: growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality,” said Evan Spiegel, CEO of the company.
The company didn’t provide its expectations for revenue or adjusted EBITDA for Q4 given uncertainties related to the operating environment.
The company also announced its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock.
