Things are finally looking up for Snap.
Snap stock rose 45 percent today — the biggest price jump in its history
It’s also the second-biggest trading day.
Rani Molla was a senior correspondent at Vox and has been focusing her reporting on the future of work. She has covered business and technology for more than a decade — often in charts — including at Bloomberg and the Wall Street Journal.
Snap’s stock soared above 45 percent today to more than $20 a share following the company’s first positive earnings report since going public in March 2017. That’s the biggest one-day price jump in the company’s history. This is also the second-biggest trading day for Snap, which saw over 200 million shares trade hands, according to FactSet data.
Snapchat added 8.9 million daily users, according to its earnings report yesterday, the largest quarter-over-quarter jump in total users since mid-2016. The company also reported $285.7 million for its fourth quarter, well above the $253 million Wall Street expected.
The social media company’s stock price had languished after a series of disappointing earnings in which Snap reported less revenue and user growth than analysts had expected.
The stock is still down 17 percent from the close of its first trading day.
This article originally appeared on Recode.net.
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