BUZZ-Snap surges as improved ad system drives Q1 beat

Reuters04-26

** Shares of Snap Inc gain almost 24% in premarket trading to $14.10 after it beats Wall St estimates for quarterly revenue and user growth

** Snap says its business was improving faster than it expected due to the upgrades of its ad system and higher demand for features that help brands drive sales or website clicks

** Stock set to add ~$4.4 bln in market cap

** Other social media stocks as Pinterest up 4.3%, Meta Platforms up 0.9% following a near 11% dive in the previous session

** Alphabet up nearly 11% in premarket after it announces its first-ever dividend and $70 bln stock buyback

** If gains hold through the session, GOOGL set to close above $2 trillion in market cap for the first time ever

** SNAP down ~33% YTD, PINS down ~12%, META up ~25%, GOOGL up 11.7%

(Reporting by Sruthi Shankar in Bengaluru)

((sruthi.shankar@thomsonreuters.com;))

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