Snap beats revenue estimates on ad boost from World Cup, shares surge

Snap beat second-quarter revenue estimates on Monday, thanks to increased advertising spending during the FIFA World Cup and stronger campaign activity from large advertisers in North America, sending its shares up 13% in extended trading.The social media company is bolstering its appeal by focusing on direct-response ads ‌and improving ⁠its ⁠ad platform by offering AI-powered tools for automated bidding, budgeting and user targeting.

“After several quarters of improving our ad products and go-to-market approach, we saw better momentum with large advertisers in North America,” CEO Evan Spiegel said. “The World Cup-related spending contributed during the quarter, alongside continued strength among small- and medium-sized businesses.”