SNAP HITS US$100B IN VALUE, DOUBLING IN FOUR MONTHS

Snap Inc. briefly hit US$100 billion in market value for the first time after surging usage and a rebounding market for digital ads sent its stock soaring this year. The Snapchat owner rose as much as three per cent on Monday after Morgan Stanley turned bullish, saying it’s poised for faster-than-expected growth. The stock later gave up the gains amid a broad selloff in shares of technology firms. Snap closed 3.2-per-cent lower on Monday but the stock has more than doubled since October. Social-media companies have seen revenues swell as stuck-athome consumers spent more time on their platforms and spending on digital ads rebounded from an initial drop last year. Snap’s daily active users rose to 265 million in the fourth quarter, a 22-per-cent increase from the same period a year ago.