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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.

Cuomo scandal snares Dems on #MeToo

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images   

The searing sexual harassment allegations made against Gov. Andrew Cuomo are trouble for Democrats far beyond Albany and New York.

Why it matters: They hammered Donald Trump after the "Access Hollywood" tape. Pilloried Brett Kavanaugh over Christine Blasey Ford. Defended President Biden when he was accused of inappropriate touching. Now, Democrats have to show whether they walk the "#MeToo" talk.

CPAC Republicans choose conservatism over constituents

Rep. Matt Gaetz. Photo: Elijah Nouvelage/Bloomberg via Getty Images

CPAC proved such a draw, conservative Republicans chose the conference over their constituents.

Why it matters: More than a dozen House Republicans voted by proxy on the $1.9 trillion COVID-19 relief bill in Washington so they could speak at the Conservative Political Action Conference, known as CPAC. And Sen. Ted Cruz skipped an Air Force One flight as President Biden flew to Cruz's hometown of Houston to survey storm damage.