Illustration: Axios Visuals

Snap Inc.'s stock whipsawed Tuesday in after-hours trading after the company reported positive earnings but offered weaker-than-expected revenue growth estimates for the next quarter.

The big picture: The company beat analyst expectations by adding 7 million daily active users, including 5 million users overseas. Snapchat struggled to add users internationally last year prior to its Android redesign.

Details: The company's user base grew for the third straight quarter to 210 million daily active users. This is a big comeback from 2018, when the company's user growth stalled for a period of time.

By the numbers, via CNBC:

  • Loss per share: $0.04 vs. $0.05 forecast by Refinitiv.
  • Revenue: $446 million vs. $435.1 million forecast by Refinitiv.
  • Global daily active users: 210 million vs. 207 million forecast by FactSet.
  • Average revenue per user: $2.12 vs. $2.10 forecast by FactSet.

Between the lines: Investors were bullish ahead of earnings. The company's stock jumped about 8% Monday ahead of earnings off of a few bullish forecasts from Wall Street. Snapchat's stock has been up 150% over the past year.

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President Trump said Monday that TikTok will be shut down in the U.S. if it hasn't been bought by Microsoft or another company by Sept. 15.

Why it matters: Trump appears to have backed off his threat to immediately ban TikTok after speaking with Microsoft CEO Satya Nadella, who said Sunday that the company will pursue discussions with TikTok’s Chinese parent company ByteDance to purchase the app in the U.S.

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Illustration: Sarah Grillo/Axios

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Filing suggests Manhattan DA is investigating Trump for possible fraud

Photo: Brendan Smialowski/AFP

The Manhattan District Attorney's office suggested for the first time Monday that it's investigating President Trump and his company for "alleged bank and insurance fraud," the New York Times first reported.

The state of play: The disclosure was made in a filing in federal court that seeks to force accounting firm Mazars USA to comply with a subpoena for eight years of Trump's personal and corporate tax returns.