Snap Inc. has announced its financial results for the third quarter of 2018.
Looking at the results, Snap’s revenue increased 43 per cent to a record US$298 million in Q3 and trailing 12 months revenue increased 53 per cent to US$1.1 billion, compared to the prior year.
The company’s operating loss improved US$138 million to US$323 million in Q3 of 2018, compared to the prior year, while net loss improved US$118 million to $(325) million.
Adjusted EBITDA loss improved US$41 million to US$138 million in Q3 2018, compared to the prior year.
Snap’s operating cash flow improved by US$61 million to $(133) million in Q3 2018, compared to the prior year.
Meanwhile, free cash flow improved by US$61 million to US$159 million in Q3 2018, compared to the prior year.
The results also claim the Snap community grew 5 per cent year-over-year to 186 million daily active users. However, DAUs were down one per cent compared to the prior quarter.
Speaking on the results, Snap CFO Tim Stone said: “We’re investing in long-term growth opportunities and driving operational efficiencies.
“We achieved record revenue and strong bottom-line results this quarter and expect a record fourth quarter, as we continue to invest in innovation for our community and scale our business.”