Shares in Snap have risen almost 30 per cent today, after a bumper set of results acted as a boon to investors looking for signs the tech firm could be revived.

The parent of photo-sharing app Snapchat trounced consensus estimates in its fourth quarter, reporting a revenue rise of 36 per cent to $389.8m (£300.9m), beating the average estimate of $379.4m as collated by S Global Market Intelligence.

Its net loss fell to $191.7m, compared to expectations of $254.4m, as chief executive Evan Spiegel told shareholders that the business was now "substantially closer" to turning a profit.

Growth in daily active users on Snapchat remained flat at 186m, narrowly avoiding a third consecutive decline in users after an unpopular design change last spring.

Snap's news that it had been trialling a new version of its app on Android devices drew some positive reviews from analysts, with at least 11 Wall Street brokerages raising their target price on the stock.

"We are taking comfort in the iOS user stabilisation, [but] the more important product development for us will be the release of the Android app to help reignite user growth," said Credit Suisse analysts in a research note.

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