The Snapchat owner’s revenues soared 52% year-on-year to $679 million, blowing past the $559 million consensus estimate of analysts polled by Bloomberg.
The company also posted $56 million in adjusted EBITDA – a profit measure that excludes costs such as interest, tax, and stock awards – compared to a $42 million loss in the third quarter of 2019.
The financial gains reflected an 11 million increase in daily active users in the three-month period to 249 million. The group also cashed in on robust advertising demand, as brands rushed to reach consumers on their devices during the pandemic, and marketers boycotted Facebook over its lax policing of hate speech and misinformation on its platform.
Snap’s stock price has ballooned 70% this year as of Tuesday’s close, adding about $17 billion to its market capitalization.