The Guardian reports on the success of Snapchat as it quickly became the second largest tech firm to list shares publicly.
Snap’s initial public offering (IPO) potentially creates a serious rival for Facebook, which has come to dominate social media and online advertising and has shown clear signs that it regards Snapchat as a potential threat.
According to Snapchat, 158 million people use the service each day and create 2.5bn “snaps” between them. User numbers are far below Facebook’s 1bn-plus but the average user is younger and spends about 30 minutes a day on the service.
Additionally, Ad Age reports that the popular app, a longtime teen favorite, is now gaining traction among adults.