Snap stock rose over 17 percent in after-hours trading on Tuesday as usage grew during the coronavirus pandemic. Snapchat’s parent company on Tuesday reported user growth rising 20 percent to 229 million daily active users during the first quarter of the year, compared to usage for the same period last year.
Snap Inc., which owns the messaging app, saw daily active users rise from 218 million at the end of the previous quarter and 190 million at the end of the first quarter last year.
During the latest quarter, usage grew during the novel coronavirus pandemic as people sheltered in their homes. Overall revenue jumped 44 percent to $462 million, compared to 2019, while the diluted net loss per share came to 8 cents.