Snap stock soars over 20% on strong user growth


(CNN Business)More time at home has meant more people on Snapchat.

On Tuesday, the social platform announced it had 249 million daily active users at the end of the third quarter, an increase of 18% compared to the same time a year earlier. That figure also increased compared to the previous quarter.

Shares of parent company Snap (SNAP) surged more than 24% in after-hours trading on Tuesday.

Revenue jumped 52% to $679 million compared to the previous year, hitting a record high and exceeding Wall Street’s expectations.

    The average number of Snaps — or disappearing photos and videos — created by users each day increased 25% compared to a year ago. Users also spent more time watching the company’s slate of shows: That figure grew by more than 50% year-over-year.

    The company had a net loss of $200 million during the quarter.

    Snap executives also seemingly threw some shade on Facebook’s (FB) advertiser boycott, which occurred during the most recently completed quarter. In July, the #StopHateForProfit campaign encouraged brands to pause their advertising during the month to protest Facebook’s handling of hate and misinformation on its platform.

      Chief Business Officer Jeremi Gorman said Snap “saw many brands look to align their marketing efforts with platforms who share their corporate values.”

      “This gave us an opportunity to engage with advertisers and agencies in real time to ensure that our existing partners as well as new prospects understood our offering in relation to our values,” she said in prepared remarks.