Evan Spiegel’s social network continues to make investor money disappear, as Snap reported hugely disappointing earnings for the third quarter in a row, sending its stock down nearly 20 percent after hours.
After the bell, Snap reported $207.9 million in revenue and a loss of 14 cents a share for the three months ended Sept. 30 — falling short of analyst estimates of $237 million in revenue, but slightly beating earnings estimates of 15 cents a share.
Snap reported 178 million daily active users — less than the 180.5 million it projected. It added 4.5 million DAUs for the quarter, representing only a 3 percent increase over last quarter.