Snapchat stock soars 20% after ending losing streak

Snapchat has finally made investor concerns disappear.For the first time since going public in March, Snapchat...

Posted: Feb 7, 2018 10:02 AM
Updated: Feb 7, 2018 10:02 AM

Snapchat has finally made investor concerns disappear.

For the first time since going public in March, Snapchat's parent company posted quarterly sales and user growth that beat Wall Street's estimates.

The stock soared as much as 25% in after hours trading Tuesday following the results. If the gains hold, Snap's stock could open above its IPO price of $17 a share for the first time since July.

Snap's sales climbed to $285 million in the fourth quarter, up 72% from the same period a year earlier. Sales for the year as a whole doubled to $825 million.

Related: Snapchat redesigns confusing app as user growth stalls

The company also showed signs of accelerated user growth. It added 8.9 million daily active users in the final three months of the year, more than any other quarter of the year.

Snap now has 187 million users, which still puts it far behind rivals like Twitter and Facebook's Instagram.

"Our work during 2017 is proof that we aren't afraid to make big changes for the long-term success of our business," Evan Spiegel, the cofounder and CEO of Snap, said in a statement.

After struggling to grow its audience throughout the year, Snap unveiled a significant redesign in November intended to make its messaging service more intuitive to users.

Among other features, the redesign promised to have a clearer delineation between content from friends and content from publishers.

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 16560

Reported Deaths: 794
CountyConfirmedDeaths
Hinds107426
Madison76728
Lauderdale75968
Neshoba72844
Jones70133
Scott66312
Forrest59539
DeSoto57510
Rankin4569
Leake45212
Holmes44330
Copiah3294
Jackson31415
Attala31118
Yazoo2964
Newton2884
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Wayne2623
Lamar2505
Lowndes2479
Pearl River21231
Pike20411
Adams20316
Washington1987
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Lee1948
Noxubee1936
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Bolivar16911
Jasper1674
Clarke15619
Smith15511
Kemper15511
Lafayette1544
Chickasaw14014
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Clay1254
Winston1241
Carroll11911
Marion1169
Claiborne1155
Lawrence1071
Grenada1074
Simpson1040
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Tate911
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Jefferson421
Tishomingo360
Greene331
Stone320
Quitman320
Tallahatchie301
George292
Franklin292
Alcorn191
Benton140
Sharkey70
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 18766

Reported Deaths: 651
CountyConfirmedDeaths
Mobile2321118
Jefferson1901104
Montgomery185843
Tuscaloosa83616
Marshall7089
Franklin5858
Lee56234
Shelby52819
Tallapoosa43466
Butler42118
Walker3862
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Unassigned3062
Morgan3021
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Houston2265
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Russell1810
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Marengo1756
Lauderdale1722
Calhoun1673
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Choctaw15310
Cullman1521
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Randolph1287
Dale1240
Marion12411
Pickens1205
Talladega1195
Limestone1080
Chilton1071
Greene954
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