SANTA MONICA, Calif. (AP) _ Snap Inc. (SNAP) on Tuesday reported a loss of $227.4 million in its third quarter.
The Santa Monica, California-based company said it had a loss of 16 cents per share. Losses, adjusted for stock option expense and non-recurring costs, came to 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The company behind Snapchat posted revenue of $446.2 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $437.6 million.
For the current quarter ending in December, Snap said it expects revenue in the range of $540 million to $560 million.
Snap shares have more than doubled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.01, more than doubling in the last 12 months.