Snap Inc. hit an all-time high on Wall Street on Friday morning, one day after the company reported Snapchat added 13 million users and saw its revenue surge 116% year-over-year during the second quarter.
Investors were clearly impressed with Snap’s Q2 growth, as Snap’s stock spiked 23% to $78.68 soon after trading began on Friday. That surge easily pushed Snap past its former all-time high of $73.59, set earlier this year. By 9 a.m. PT, Snap’s stock was up 21% from Thursday and trading for $76.30.
The big stock jump followed Snapchat’s revenue hitting $982 million during Q2, which set a company record for a single quarter and topped analyst estimates of $848 million in sales. Snap also reported an unexpected 10 cents earnings per share, compared to the 1 cent loss analysts projected.
At the same time, Snap’s 13 million users added during Q2 was about 3 million more than analysts had expected. Snapchat now has 293 million daily active users, and the company said it expects to pass the 300 million DAU milestone during Q3.
“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” Snap CEO Evan Spiegel said in a letter to shareholders.
Snap’s stock jump adds to an already strong year for the company. Snap’s share price has more than tripled since last July, as the popular app has been able to bring in millions of new users and more ad dollars during the pandemic.