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Axios Visuals

Snapchat's stock was up over 13% in after-hours trading Thursday after reported its highest revenue and user growth numbers since 2018.

Why it matters: The record numbers are part of a huge turnaround story for Snapchat, which struggled to grow in line with Wall Street's expectations for years prior to the pandemic.

  • Snapchat's share price Thursday hovers around $65, which is more than 10 times its value in 2019.

By the numbers, via CNBC:

  • "Adjusted earnings per share: 10 cents vs. 1 cent loss forecast by Refinitiv"
  • "Revenue: $982 million vs. $846 million forecast by Refinitiv"
  • "Global daily active users (DAUs): 293 million vs. 290.3 million per StreetAccount"
  • "Average revenue per user (ARPU): $3.35 vs. $2.92 per StreetAccount"

Details: In prepared remarks, Snap CEO Evan Spiegel credited progress to the company's investments in new products and technologies, like AR and video.

  • Snapchat now has more than 200 million users that engage with AR everyday on average, Spiegel noted. There are over 200,000 creators who use Snapchat's "Lens Studio" developer tools to build AR Lenses on Snapchat.
  • Snap Original Shows, Spiegel says, reach more than 30 million unique users in the U.S. The company says it added 177 new international Discover channels last quarter to support its international growth strategy and deepen engagement.
  • Spiegel notes that engagement with its TikTok rival feature called "Spotlight" is growing globally, with a 49% quarter-over-quarter growth and with the average content submissions tripling compared to the prior quarter.

Between the lines: Snap's chief business officer Jeremy Gorman also noted in prepared remarks that changes to Apple's privacy terms didn't impact the company's ad revenue growth as much as it had anticipated.

Go deeper:

Go deeper

Oct 14, 2021 - Podcasts

Clearing up the latest confusion around boosters

New data from the National Institutes of Health shows that people who got the Johnson & Johnson vaccine might benefit from getting a Pfizer or Moderna booster shot. But J&J has asked the FDA to approve a second shot for its own vaccine.

  • Plus, Miya Marcano and new attention on missing and murdered women of color.
  • And, Snapchat is trying to get its users to run for office.

Guests: Axios' Caitlin Owens and Alexi McCammond, and attorney Marlon Hill.

Credits: Axios Today is produced in partnership with Pushkin Industries. The team includes Niala Boodhoo, Sara Kehaulani Goo, Dan Bobkoff, Alexandra Botti, Nuria Marquez Martinez, Sabeena Singhani, Alex Sugiura, Lydia McMullen-Laird, Michael Hanf, and David Toledo. Music is composed by Evan Viola. You can reach us at podcasts@axios.com. You can text questions, comments and story ideas to Niala as a text or voice memo to 202-918-4893.

Go deeper:

Updated 3 hours ago - World

North Korea claims latest missile test new weapon launched from submarine

North Korean state media claims the country's military fired this missile on Tuesday. Photo: Korean Central News Agency

North Korean state media announced that a detected ballistic missile launch off its east coast on Tuesday was a newly developed weapon test-fired from a submarine.

Why it matters: Pyongyang's latest in a series of recent missile launches into the sea happened hours after U.S. officials emphasized their commitment to restart negotiations on North Korea's nuclear weapons program, which have stalled since talks broke down during the Trump administration, AP notes.

5 hours ago - Politics & Policy

Manchin's massive means test

Illustration: Aïda Amer/Axios

Sen. Joe Manchin (D-W.Va.) is offering progressives a trade: He'll vote for their cherished social programs if they accept strict income caps for the recipients, people familiar with the matter tell Axios.

Why it matters: Manchin’s plan to use so-called means-testing for everything from paid family medical leave to elder and disabled care would drastically shrink the size and scope of the programs. It also would bring a key moderate vote to the progressive cause.