Snap reported third-quarter guidance that was below analyst estimates, while earnings per share came in on target. Snapchat's monthly active users grew slightly above estimates. CEO Evan Spiegel said the company is making investments in infrastructure, personnel, and marketing that impact costs. Snap's second-quarter sales increased from the previous year despite being impacted by a weaker brand advertising environment in specific consumer discretionary sectors. Shares fell over 20% in after-hours trading.
