Snap returned to revenue growth in the third quarter, surprising Wall Street, and clocked gains in daily active users (DAUs), as net losses widened on a restructuring charge amid layoffs.
Revenue rose to $1.18 billion from $1.13 billion for the three months ended in September after falling in both the first and second quarters for the first time since the company went public in 2017.
Net losses widened to $368 million from $359 million. A wind down of its AR Enterprise business, which included a reduction of our global employee headcount by approximately 3% led to restructuring charges of $18.6 million, composed primarily of cash severance and stock-based compensation expenses.
Daily active users increased 12% year-over-year to 406 million. The company anticipates continued growth in its global community will lead to DAUs rising to between 410 and 412 million in the fourth quarter.
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