Snap Inc. (SNAP) saw its shares skyrocket by 14.46% on October 30, 2024, following the release of its impressive third-quarter financial results and strategic announcements. The company's strong performance and forward-looking initiatives fueled investor optimism, driving a significant surge in its stock price.

In the third quarter, Snap's revenue climbed 15% year-over-year to $1.37 billion, surpassing analysts' expectations of $1.36 billion. This robust revenue growth was driven by the company's ability to attract more advertisers and effectively engage its user base. Notably, Snapchat's daily active users (DAUs) grew by an impressive 9% year-over-year, reaching 443 million.

Additionally, Snap demonstrated significant improvement in its profitability metrics. The company reported a remarkable 229% year-over-year increase in Adjusted EBITDA, reaching $132 million. This impressive performance underscores Snap's efforts to optimize its cost structure and enhance operational efficiency.