Snapchat shares up nearly 50pc

SHARES in the embattled company behind picture messaging app Snapchat surged after an unexpected boost in user numbers.

Snap was up by 47.6pc in New York, taking it to $20.75 a share. It was a welcome lift in fortunes for a company which has seen its shares almost halve in value since listing 11 months ago.

Results on Tuesday showed improvements. The time spent by customers on its app was up and more adverts were bought.

Daily active users rose 18pc to 187m. Morningstar analyst Ali Mogharabi said: ‘We think it is slowly making headway toward providing a scalable and easily measurable platform.’