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.

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Dion Rabouin, author of Markets
Sep 1, 2020 - Economy & Business

Apple, Tesla and Zoom power Nasdaq to new record high

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Data: FactSet; Chart: Axios Visuals

Tech stocks had a big day on Monday led by gains in three companies, even as U.S. equities broadly ended the day lower.

What happened: Tesla rose 12.5% during the session as traders were again inexplicably lured by its lower share price due to a five-to-one stock split. Apple added 3.5% and Zoom gained 8.6% during the day with its stock jumping by nearly 10% in after-hours trading after posting better-than-expected Q2 earnings.

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.