Snap disappointed people and Facebook did too: Evercore ISI’s Mahaney

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CNBC Television published this video item, entitled “Snap disappointed people and Facebook did too: Evercore ISI’s Mahaney” – below is their description.

Mark Mahaney, Evercore ISI head of internet research, and Edmund Lee, The New York Times reporter, join ‘Closing Bell’ to talk about Facebook’s earnings results. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

Snap shares plummeted 26.6% after it reported its quarterly results, which included a revenue miss as well as an earnings beat. The social media company said its advertising business declined due to Apple’s privacy changes.

Facebook shares rose more than 3% in extended trading on Monday after the company reported better-than-expected third-quarter earnings even as revenue missed analysts’ estimates.

Facebook also said it’s increasing its share buyback program by $50 billion.

Here are the results.

Earnings: $3.22 vs $3.19 per share expected by analysts, according to Refinitiv.

Revenue: $29.01 billion vs $29.57 billion expected by analysts, according to Refinitiv.

Daily active users (DAUs): 1.93 billion vs. 1.93 billion expected by analysts, according to StreetAccount.

Monthly active users (MAUs): 2.91 billion vs. 2.93 billion expected by analysts, according to StreetAccount.

Average revenue per user (ARPU): $10.00 vs $10.15 expected by analysts, according to StreetAccount.

The company announced its plans to break out Facebook Reality Labs into its own reporting segment starting

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