Snap, the owner of Snapchat, saw its second-quarter loss narrow significantly, driven by a nearly one-fifth increase in revenue and the impact of recent cost-cutting measures. The company reported a loss of $164 million, or 10 cents a share, a notable improvement from the $262.6 million loss, or 16 cents a share, recorded in the same period last year.

Revenue for the quarter rose by 19% to $1.6 billion, surpassing the $1.54 billion expected by analysts polled by FactSet. This positive financial performance led to a surge in Snap's stock price, which climbed 11.5% in after-hours trading, following a 7.5% jump during regular trading hours on Monday. Despite this recent rally, Snap's shares remain down approximately 50% year-to-date.