Snapchat parent company sees shares surge as improved ad system pays off

Shares in the owner of Snapchat surged 21% during after-hours trading after the social media group beat Wall Street’s expectations for quarterly revenue and user growth.Improvements to Snap’s advertising system are delivering results faster than anticipated, the company said.Daily active users of Snapchat grew to 422 million in the first three months of the year, beating analyst expectations of 419.6 million. Revenue during the first quarter meanwhile rose 21% to $1.2bn, beating the analyst consensus estima ...