>> Snapchat proving that it's not going anywhere just yet, as its parent company, Snap Inc., reported surging growth in users and revenue in its latest quarter. Shares soared over 29% in early trading Wednesday. The instant messaging app company, a hit with millennials, saw daily active users rise 18% from a year earlier to 187 million customers, reversing a trend of slowing growth.
The figures closely watched by investors who hope user growth can be translated into ad revenue. Instagram still has twice the daily users of Snapchat, backed by Facebook's large following. And has threatened to stamp out it's rival by copying features such as photo filters and disappearing slide shows. Many analysts were concerned that Instagram and Snapchat could not coexist in the social media sector.
And investor enthusiasm faded after Snap had failed to post upbeat results since going public last year. But Tuesday's strong numbers reviving hopes that it can survive competition.