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(Bloomberg) -- Snap Inc. offered positive signs that its efforts to revamp its digital advertising business are gaining popularity with marketers — boosting revenue and providing stronger competition with powerhouses Google and Meta Platforms Inc. The shares surged more than 20% in extended trading.Most Read from BloombergUS Economy Slows and Inflation Jumps, Damping Soft-Landing HopesMalaysia in Talks With Tycoons on Casino to Revive $100 Billion Forest CityBig Tech Surges in Late Hours on Blow

Snap exceeded revenue and user growth expectations, with shares spiking 25%. Improved ad system and user interaction drove Q1 revenue to $1.2 billion. Daily Snapchat users increased to 422 million, and Snap introduced a TikTok-like feature, preparing for potential TikTok ban.

Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street.

Meta's was off by at least $5 billion in capital expenditures and $2 billion in projected total expenses for 2024.

SAN FRANCISCO (AFP) – Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter as the company continues to see stellar ad growth across its family of world-leading social media apps. The company founded by Mark Zuckerberg said that net profit in the January to March period rose to USD12.4 billion with total revenue, […]