Social media platform, Snap Inc. announced a US$500 million stock buyback program after reporting better-than-expected third-quarter earnings.

The company’s stock climbed over 10% in after-hours trading. It also provided a conservative fourth-quarter outlook.

For the third quarter, Snap’s earnings per share stood at 8 cents. This figure beat the expected 5 cents.

Revenue reached US$1.37 billion, slightly exceeding the anticipated US$1.36 billion.

The company reported 443 million global daily active users, surpassing the expected 441 million.