The company said due to the “operating environment” it will not provide guidance on revenue or adjusted EBITDA for the fourth quarter. “The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster and ownership culture,” the company said. The shares will be bought through open market transactions or from privately negotiated transactions over the next 12 months. Snap announced a $500-million buyback Thursday along with its financial results. The company is also focused on its subscription service called Snapchat+, which hit 1.5 million paying subscribers in the third quarter. What’s Next: Spiegel said Snap will continue to “navigate this volatile macroeconomic environment” moving forward with its community of 363 million daily active users. Related Link: How To Trade Snap Stock Before And After Q3 Earnings Print Snap ended the third quarter with $4.4 billion in cash. “This quarter we took action to further focus our business on our three strategic priorities: growing our community and deepening their engagement with our products, reaccelerating and diversifying our revenue growth, and investing in augmented reality,” Snap CEO Evan Spiegel said.
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