Snap's shares surged during trading in the after-hours following the company's announcement of fourth-quarter results, which turned out to be better than expected.
As a result of the financial report for the last quarter, Snap's revenue increased by 62% compared to the same period last year, reaching $911 million. The number of daily active users also exceeded expectations, totaling 265 million daily users.
"We continue to see accelerating growth in our business, including DAU metrics and revenue per user, which is indicative of the strength of our products and platform," noted Snap CEO Evan Spiegel.
Impressive financial results led to a rise in the company's shares by 11% and pushed Snap to reach maximums since the IPO moment in 2017.
