Snap surges 20% on Q3 revenue beat, $500M buyback, and $400M AI partnership with Perplexity

No paywall: https://www.cnbc.com/2025/11/05/snap-q3-earnings-report-2025.html

• Snap on Wednesday issued its third-quarter earnings, reporting revenue that beat analysts expectations and announcing a $500 million stock repurchase program.
• In a letter, Snap said that new policies around the globe, including Australia’s social media minimum age bill, may result in a decline of daily active users in the fourth quarter.
• Snap also announced that Perplexity AI will pay the social media company $400 million over one year to integrate the artificial intelligence startup’s search features into Snapchat.