Snap and Twitter’s shares rose in regular trading on Friday after the social media sites reported second-quarter earnings that beat analyst expectations.

Snapchat’s parent popped as much as 23% after posting a jump in daily active users to 293 million in the quarter, which is about 23% higher than the 238 million daily users reported a year earlier. That beat the 290.3 million expectation of analysts polled by StreetAccount.

Revenue for the quarter more than doubled to $982 million, compared to the $846 million expectation of analysts polled by Refinitiv.
Snap’s net loss shrank 53% to $152 million, compared to its $326 million loss a year ago.

Twitter also had a solid quarter, reporting a 74% jump in revenue to $1.19 billion, which is its fastest rate of topline growth since 2014. Analysts polled by Refinitiv expected quarterly revenue of $1.07 billion.

The company’s stock rose 5% in pre-market trading, before falling to around 2% at the market open.

Twitter is in a strong position, and according to its forecasts, market conditions seem to have improved to the point where it can thrive, Pearse Carson, an analyst at multi-asset investment platform eToro, said.

Its number of monetizable daily active users, or those able to view ads on the platform, rose by 11% to 206 million, Twitter said. Analysts polled by StreetAccount expected 206.2 million.

Advertising revenue rose 87% year-on-year to $1.05 billion…read more.