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Illustration: Axios Visuals

Snap's stock price shot up by more than 23% in after-hours trading Tuesday after the company posted Q3 results that beat analyst estimates.

Why it matters: Similar to other social media companies, Snap's business has done well during the ongoing COVID-19 pandemic.

By the numbers:

  • Earnings per share: $0.01 adjusted, compared to a loss of $0.05 per share expected, per Yahoo Finance.
  • Revenue: $679 million, compared to $549.99 million expected, per Yahoo Finance.
  • Daily active users: 249 million, up 18% year-over-year.
  • Average revenue per user: $2.73.
  • Average number of snaps created daily is up 25% year-over-year.

What they're saying: "As businesses adapted and began to look for opportunities to increase their marketing budgets in Q3, we were pleased to see existing advertisers resume and even increase their budgets, as well as new advertisers allocate spend to drive real business value via our self-serve ad platform," chief business officer Jeremi Gorman said in prepared remarks.

Go deeper

Dan Primack, author of Pro Rata
Nov 13, 2020 - Economy & Business

DoorDash files for IPO

Illustration: Aïda Amer/Axios

DoorDash filed Friday for its IPO, which is expected to price in the window between Thanksgiving and Christmas.

The state of play: There's a lot more noise than signal because of the pandemic.

Biden transition names first Cabinet nominees

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden on Monday unveiled his nominations for top national security positions in his administration, tapping former secretary of state John Kerry as his climate czar and former deputy national security adviser Avril Haines as director of national intelligence.

Why it matters: Haines, if confirmed, would make history as the first woman to oversee the U.S. intelligence community. Biden also plans to nominate Alejandro Mayorkas to become the first Latino secretary of the Department of Homeland Security.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

New deals in the COVID economy

Illustration: Sarah Grillo/Axios

COVID-19 is the macro horror of our lifetimes, and has destroyed or severely damaged countless businesses. But, like with most horribles, it also has created some opportunities.

Driving the news: Merck this morning announced an agreement to buy OncoImmune, a Maryland-based biotech that showed promising late-stage clinical results for a therapy that treats severe and critical coronavirus cases.