WASHINGTON (dpa-AFX) - Snap Inc. (SNAP), the parent company of Snapchat, on Wednesday reported a swing to third-quarter profit from a year-ago loss, driven largely by 14% revenue growth and stronger operating performance.
Net income was $56.5 million, or $0.03 per share, compared with a net loss of $103.5 million, or $0.06 per share, in the prior-year quarter.
Revenue increased 14% to $1.72 billion from $1.51 billion.
Snap reported 495 million daily active users in the third quarter, up 4% year over year, while monthly active users grew 4% to 977 million. Average revenue per user increased 10% to $3.48.
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