CBS Local/CNET — Facebook and Instagram may have successfully borrowed a lot of Snap’s designs, but it still has a few tricks up its sleeves.
The social networking company, known for its disappearing messages and popularity among teenagers, surprised Wall Street Tuesday when it announced better-than-expected sales of $285.7 million and a daily user count of about 187 million, 5 percent.
Investors were impressed. The company’s shares, which have nearly halved in the past year, rose more than 20 percent in after-hours trading to $16.95.
“Our business really came together towards the end of last year,” said Evan Spiegel, Snap’s CEO, in a statement.
The surprisingly positive financial announcement marks a potential turning point for the social networking company,. Back then, Snap had an innovative new app built on the idea of quickly-disappearing messages.
It also championed other new ideas, such as augmented reality “filters” that, and “stories,” .
, Snap . The company blamed some of the struggles on its app, which is notoriously hard to use.
The company has redesigned its app to give it a personalized feel andwho post news.