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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

Ina Fried, author of Login
Updated Jan 27, 2021 - Technology

Apple's quarterly sales top $100 billion for first time

Credit: Apple

Spurred by strong sales of the latest iPhones, Apple reported it took in a record $111 billion in revenue for the three months ended Dec. 31, as the company crushed expectations.

Why it matters: The move showed even a pandemic didn't dull demand for Apple's latest smartphones.

Dion Rabouin, author of Markets
38 mins ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."

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

Coinbase files to go public

Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a $1 billion direct listing.

Why it matters: This comes in the midst of a crypto boom, and the listing may further legitimize the industry.