Oct 22, 2019

Snapchat adds 7 million daily active users

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.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 5,383,582 — Total deaths: 344,077 — Total recoveries — 2,158,031Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 1,640,972 — Total deaths: 97,679 — Total recoveries: 366,736 — Total tested: 14,163,195Map.
  3. World: White House announces travel restrictions on Brazil, coronavirus hotspot in Southern Hemisphere Over 100 coronavirus cases in Germany tied to single day of church services — Boris Johnson backs top aide amid reports that he broke U.K. lockdown while exhibiting symptoms.
  4. Public health: Officials are urging Americans to wear masks headed into Memorial Day weekend Report finds "little evidence" coronavirus under control in most statesHurricanes, wildfires, the flu could strain COVID-19 response
  5. Economy: White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Public employees brace for layoffs.
  6. Federal government: Trump attacks a Columbia University study that suggests earlier lockdown could have saved 36,000 American lives.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 23 mins ago - Politics & Policy

Federal judge strikes down Florida law requiring felons to pay fines before voting

Gov. Ron DeSantis. Photo: oe Raedle/Getty Images

A federal judge on Sunday ruled that a Florida law requiring convicted felons to pay all court fines and fees before registering to vote is unconstitutional.

Why it matters: The ruling, which will likely be appealed by state Republicans, would clear the way for hundreds of thousands of ex-felons in Florida to register to vote ahead of November's election.

White House announces new coronavirus travel restrictions on Brazil

Brazilian President Jair Bolsonaro with Trump, March 19, 2019. Photo: Jim Lo Scalzo-Pool via Getty Images

The White House announced that beginning at 11:59 pm ET on Thursday, President Trump would suspend entry of non-U.S. citizens who have been in Brazil in the past 14 days in an effort to stop the imported spread of the coronavirus.

Why it matters: Brazil has reported nearly 350,000 confirmed cases of the coronavirus — the second-most in the world behind the U.S. — and has emerged as a Southern Hemisphere hotspot as other heavily affected countries in Asia and Europe have managed to get their outbreaks under control.