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Snapchat revenue, user growth convinces investors it can fight Instagram

Daily active users rose 18 percent from a year earlier, reversing a trend of slowing growth


Snapchat owner Snap Inc on Tuesday reported surging growth in users and revenue in its latest quarter, reviving hopes that it can survive competition with Facebook Inc's Instagram and sending its shares up more than 20 percent. Investor enthusiasm for the instant messaging application company faded after its initial public offering last year. But the Venice, California-based firm said that customers were now staying longer on the Android version of its app, after software bugs were fixed, and advertisers were taking to an auction-based advertising system that made it cheaper ...

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First Published: Wed, February 07 2018. 21:33 IST