Snap beat on both revenue and earnings per share, marking one of its best earning reports to date. In after hours, Snap shares rocketed up after user growth was also reported as an increase. Revenue came in at 285.7 million compared to estimates of 253.2 million. Earnings per share came in at $0.13 compared to a significantly lower $-0.16. In this quarter, Snap added 8.9 million active users to reach a total of 187 million. And when it came to operating expenses, Snap lost $350 million compared to the $440 million they lost last quarter.

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Biden Proposes Canceling Student Loan Interest to Tackle Debt Crisis
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
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