Snap (NYSE:SNAP) delivered a solid Q3 print, with a solid Q4 guidance across the board. The management team is quickly debunking the bear thesis surrounding profitability, user growth, and competition. So, what were the actual results we are looking at?

As you can see, Snap beat on everything except their Q4 revenue guidance. But even then, Snap's "miss" on revenue guidance is not even that bad. If anything, this guide might even be a beat. Over the last several quarters, a trend is emerging in Snap's guidance, where the company is surprising their revenue guidance beyond the high-end of the guided range. Basically, they guide conservatively, extremely conservatively. This might explain why after Snap delivered it's quarterly report, analysts upped their Q4 revenue estimate to $562.5 million, above the top-end of the range. So the "miss" on revenue guidance that caused the stock's next-day decline wasn't really a miss. I believe that mentality has been reflected in the recent price action, as the stock is actually above where it was heading into the print.

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