Asian equities rise as currencies weaken

Shares of Los Angeles-based social media platform Snap jumped more than 30 per cent after its earnings beat analysts’ expectations as increasing demand for its advertising services boosted sales.

The company’s revenue of $1.2bn in the first three months of 2024 was 21 per cent above the same period a year earlier.  

Net losses narrowed, from $329mn in the first quarter of 2023 to $305mn in the first quarter of this year.

The company, which has a market capitalisation of almost $19bn, announced the number of daily active users on the platform has increased 10 per cent over the past year, to 422mn, and is expected to hit 431mn in the current quarter.

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