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Illustration: Axios Visuals

Snap's stock price is slowly rebounding after a sharp after-hours drop as the company met or beat Wall Street expectations for its second quarter but declined to offer Q3 guidance given ongoing coronavirus-driven uncertainty.

Why it matters: Snap is among the companies that has been able to capitalize on the pandemic which has forced people to stay home much of the time, leaving them with a lot more free time to consume media and entertainment.

Yes, but: The company said it wasn't giving top- or bottom-line guidance for the third quarter given "uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions."

  • Losses in the second quarter, although in line with analyst estimates, also widened year on year.
  • Ands the company's daily active user growth slightly lagged behind estimates, likely due to the growing popularity of TikTok.

By the numbers:

  • Loss per share: $0.09, compared to $0.09 expected.
  • Revenue: $454.16 million, compared to $438.09 million expected.
  • Daily active users: 238 million, up 35 million or 17% year-over-year.
  • Average revenue per user: $1.91, unchanged year-over-year.

Go deeper

Ben Geman, author of Generate
Oct 27, 2020 - Energy & Environment

BP ekes out profit despite pandemic's bite

Illustration: Aïda Amer/Axios

BP reported an $86 million third-quarter profit Tuesday — a result that beat analysts' expectations but nonetheless signals how the pandemic is weighing heavily on the industry.

Why it matters: It's the first of several earnings reports this week from oil-and-gas giants that provide the latest window on COVID-19's ongoing effect. Shell reports Thursday and U.S. giants Chevron and Exxon report Friday.

Right-wingers making McCarthy sweat for future Speaker post

House Minority Leader Kevin McCarthy stands with his Republican colleagues outside the House on Nov. 17. Photo: Stefani Reynolds/Bloomberg via Getty Images

Right-wing elements in the Republican Party are complicating House Minority Leader Kevin McCarthy's attempts to become the next speaker of the House should the GOP take back the majority in 2022.

Why it matters: While McCarthy has worked carefully to build trust among the conservatives who tanked his chances at clinching the speakership in 2015, they're still circling ahead of the next Speaker vote in January 2023.

3 hours ago - Politics & Policy

Congress sprints to meet crush of deadlines

Illustration: Aïda Amer/Axios

Congressional leaders have been pushing off vital action for months — and a lot of it will catch up with them in December, which begins Wednesday.

Driving the news: Funding for the federal government is set to expire at midnight on Friday. There are also consequential deadlines related to the debt limit, President Biden's agenda and annual actions like voting on the National Defense Authorization Act.