Snapchat owner Snap has reported surging growth in users in its latest quarter, reviving hopes it can survive competition with Facebook’s Instagram. Revenues were up sharply, but so were quarterly losses.Snap’s shares soared by over 20 percent after the company behind messaging application Snapchat reported a surge in users. Snapchat’s daily active users rose to 187 million in the quarter that ended on December 31, up from 178 million in the previous three months. Instagram, with more than twice the number of daily users of Snapchat and backed by financing from Facebook, had threatened to stamp out its rival by copying features such as photo filters and disappearing slide shows. Nonetheless, Snap posted a net loss of $350 million, compared with a loss of $170 million a year earlier.

Source: Daily News Egypt February 07, 2018 12:33 UTC