Snap reports strong revenue growth, boosting shares amid ad revamp

Snap Inc. reported third-quarter revenue that slightly topped analysts’ expectations, suggesting the overhaul of its advertising business is catching on with marketers. The shares rose in extended trading.

Sales increased 15 per cent to $1.37 billion in the period ended Sept. 30, Snap said Tuesday in a statement. Analysts, on average, estimated $1.36 billion, according to data compiled by Bloomberg. The social media company also eclipsed projections for user growth on the Snapchat app, bolstered by an increased focus on video content.