Snap shares soar as Snapchat reports 9m more daily users

Snapchat owner Snap Inc. has reported 9 million more  daily users in the fourth quarter, reviving hopes it can survive competition with Facebook’s Instagram. Revenues were up sharply, but so were quarterly losses. Snap’s shares soared by over 20% after the company behind messaging application Snapchat reported a surge in users. It has now 187 million daily active users, up from 158 million a year ago. The California-based company said customers were now staying longer on the Android version of its app after software bugs were fixed. The user figures are closely watched by investors who hope that growth can be translated into more advertising revenue. Snap Inc. on Tuesday announced an Live feature that will allow users of the iOS and Android apps to stream key snippets of major televised events. Its first partner is NBCUniversal in time for the 2018 Olympic Winter Games in PyeongChang which opens on February 9.