Snap is finally on the upswing again after its disastrous 2018 redesign.
On Tuesday, Snapchat's parent company revealed the app gained 13 million new users in the second quarter, its largest boost since it went public in 2017. It also reported a boosted revenue of $388 million up 48% from a year earlier, sending stocks up 11% in post-market trading, The Wall Street Journal reports.
Snapchat had been either losing users or remaining stagnant from when it posted its IPO until the first quarter of 2019. It also saw a year of falling stock numbers, hitting a record low of $4.99 at the end of last year. Shares have since rebounded 180% to hit $16.50 after Snap shared its Q2 earnings Tuesday, though that's still below its debut price of $17, CNBC notes.
Snap's 203 million total user base exceeds the 192 million expectation analysts predicted for this quarter, Snap said on Tuesday. That's largely thanks to popular gender-swapping filters that apparently even helped one college student catch an alleged predator cop. An updated Android interface also helped retain and add users, Snap said. Snap expects its revenue and user base to continue growing in the third quarter, with an anticipated Q3 revenue of between $410 million and $435 million. Kathryn Krawczyk