Snap Inc. Plunges In Pre-market After Reporting Wider Loss In Q3

Shares of Snap Inc. (SNAP) are down more than 28% in pre-market after the snapchat parent company reported wider loss in the third quarter.

Net loss the third quarter was $359.5 million or $0.22 per share, wider than 71.96 million or $0.05 per share loss in the same quarter a year ago, due to increased expenses.

Excluding one-time items, the company reported earnings of $0.08 per share.

Revenue for the quarter, however, increased 6% to $1.128 billion from $1.067 billion last year.

SNAP closed at $10.79, down 0.64% on Thursday. It has traded in the range of $9.34-$60.78 in the last 1 year.

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