Snap delivers Q3 results beat, teams up with AI chatbot Perplexity; shares jump

Investing.com -- Snap surged in afterhours trade Wednesday after reporting better-than-expected Q3 results and unveiling that it had teamed up with AI firm Perplexity to allow users to use the AI chatbot in app.

Snap Inc (NYSE: SNAP) rose more than 20% in recent after-hours trading.

For the three months ended Sept. 30, Snap reported a loss per diluted share of $0.06 on revenue of $1.51B, topping Wall Street estimates for a loss of $0.12 on revenue of $1.49B.

Daily Active Users increased 8% year-over-year to 477 million.

The better-than-expected results come as the social media giant looks to step up efforts to integrate AI into its platform after announcing a partnership with perplexity.

"We took an important step toward building out our AI platform by partnering with Perplexity AI to integrate its conversational search directly into Snapchat," the company said Wednesday.

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