Snapchat Opens More than 40 Percent Higher in IPO

Snap, the company behind the social network Snapchat, was officially on the stock exchange on Thursday.

At the IPO, the price of one share $ 24. Reported Reuters Thursday. This is the company valued at more than $ 33 billion, converted 31 billion.

Snap says yet to make a profit, but saw substantial revenue growth in recent quarters. With the IPO will fetch the company money to grow.

Meanwhile, competing social network Facebook on several fronts with Snapchat. The company in Instagram and WhatsApp offers a function that is similar to the vanishing photos of Snapchat.