Snap, the company behind the photo and video sharing platform Snapchat, posted its first quarterly profit in its history late last year.
The announcement sent the stock skyrocketing by more than half after hitting the deep end earlier in the day.
In the last three months of 2021, Snap made a profit of 22.5 million dollars. A year earlier, the company was still $113 million in the red.
The platform had 319 million daily active users, a fifth more than a year earlier. Sales rose 42 percent to $1.3 billion.
Investors reacted with relief and sent Snap’s share higher than half in after-hours trading in New York.
Before the announcement of the results, Snap had lost about a fifth of its market value in the wake of Meta, the parent company of Facebook and Instagram. In addition, it had presented weak quarterly figures and gloomy prospects. Snapchat was founded in 2011.
