Snap Inc. stock experienced a significant surge, rising almost 20% during after-market trading following the release of its quarterly results. The company exceeded expectations for both revenue and earnings per share during the third quarter, delivering a substantial positive surprise to analysts. Prior to the announcement, the stock was already trading near its highest point in history, and this strong performance is anticipated to drive the share price from slightly above $28 to nearly $34.

Snap reported an adjusted profit of $0.01 per share, a considerable improvement compared to the anticipated loss of $0.04 per share. However, the most noteworthy achievement was the company’s revenue of $679 million, significantly surpassing Wall Street’s projections of approximately $555 million for the quarter.

This revenue figure demonstrates a 52% increase compared to the same period last year, highlighting a remarkable turnaround for the company, which has navigated several challenging quarters since becoming publicly traded.

The number of daily active users increased by 4% to 249 million, up from 238 million reported in the previous quarter. This represents an 18% increase year-over-year. While the company still reported a net loss of $200 million, this figure reflects a 12% improvement compared to the same period last year.