Snapchat revealed that more than four million users log on to the application daily, compared to the end of 2018, as its popularity has increased thanks to the redesign of its application on Android.
According to the Daily Mail website, The share price rose by up to 12 percent, before settling at 11.99 dollars (£ 10.40) at the end of the day – an increase of 4 percent.
Snap surprised Wall Street and experts by exceeding daily user numbers, revenue and advertising profits, especially after the company faced increasing competition from Facebook and Instagram and has faced a decline in number of users since the beginning of 2018.
Revenue from advertising sales jumped 39 percent to $ 320.4 million (£ 277.8 million), beating Wall Street’s average estimate of $ 306.6 million (£ 265.8 million).
Ivan Spiegel founder of Company explained, that the number of users active daily on the application rose to 190 million in the first quarter – which ended on March 31, this figure, which was widely monitored by investors and advertisers, also exceeded the average estimate of analysts of 187.2 million.
Snap has reached 90 percent of young people aged 13 to 24 and 75 percent of young people aged 13 to 34 in the United States, according to the earnings report.
Spiegel said in a telephone conversation with investors: “In the first quarter, we achieved strong results in all our business with the growth in the number of active users per day and revenues, with promising early results. “