Shares of Snap Inc. (NYSE: SNAP) soared by nearly 17.77% on October 30, 2024, following the release of the company's impressive third-quarter financial results and strategic announcements. The social media giant's strong performance, fueled by solid user growth and a focus on innovative technologies, reignited investor confidence in its growth prospects.

Snap's revenue for the third quarter climbed 15% year-over-year to $1.37 billion, surpassing analysts' expectations of $1.36 billion. This robust growth was driven by a 9% increase in daily active users (DAUs), reaching 443 million. The company's ability to attract and engage users effectively has been a key factor in attracting more advertisers to its platform.

Additionally, Snap demonstrated significant improvement in its profitability metrics, reporting a remarkable 229% year-over-year increase in adjusted EBITDA to $132 million. This impressive performance highlights the company's efforts to optimize its cost structure and enhance operational efficiency, setting the stage for sustained profitability in the future.