Snapchat continues to surge a day after its blockbuster IPO (SNAP)

pulse

March 3, 2017 5:17 PM

Early investors are betting on the potential of Snap's advertising platform, and the company's ability to grow the number of active users.

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Snap Inc's shares rose by as much as 17% in trading on Friday, extending their gains a day after they became available to the public.

The parent company of Snapchat jumped 44% Thursday after the initial public offering that raised a greater than expected $3.4 billion. The shares opened for trading at $24, higher than the IPO price of $17.

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Based on the opening price on Thursday, Snap had a market cap of about $33 billion, greater than corporate giants like Macy's and American Airlines, and about $22 billion more than Twitter, a competitor.

Early investors are betting on the potential of Snap's advertising platform and the company's ability to grow the number of active users, amid questions about valuation and a recent slowdown in user adoption.

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