Snap reports a $200M loss, but hits 249M daily active users

Snap Inc., parent company of the social platform Snapchat, on Tuesday reported a loss of $199.9 million in its third quarter.

On a per-share basis, the Santa Monica, California-based company said it had a loss of 14 cents. Earnings, adjusted for stock option expense and non-recurring costs, came to 1 cent per share.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.

Nevertheless, the platform rose to 249 million daily active users and advertising revenue rose to $679 million in the third quarter.

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The company behind Snapchat posted revenue of $678.7 million in the period, which also topped Street forecasts. Eight analysts surveyed by Zacks expected $550.7 million.

Snap shares have climbed 74% since the beginning of the year. At market close on Tuesday, shares hit $28.45, down 0.7%. After hours trading quickly made up for it and had them rise by 23%.

Contributing: Josh Rivera, USA TODAY

This article originally appeared on USA TODAY: Snap reports a $200M loss, but hits a 249M daily active users