Snap Inc. (NYSE: SNAP) soared more than 35 percent on Wednesday morning after the company reported quarterly revenue and earnings that beat analysts’ estimates.

The instant message company said fourth-quarter revenue rose 72 percent to $285.7 million, topping analysts’ projection of $252.9 million, according to Thomson Reuters.

Excluding certain items, the company posted a loss of 13 cents a share. Analysts polled by Thomson Reuters had estimated a loss of 16 cents.

Snap shares surged about 40 percent to $19.69 in the early trading in New York. The company went public in March 2017 at an IPO price of $17. It went to its all-time high of $29.44 soon after IPO. But it fell below its IPO price since July 2017.

The company had been struggling to monetize its app since its IPO. It also faced competition from Facebook’s Instagram. In the previous quarter, the company redesigned Snapchat to attract more users.

The company said daily active users increase 18 percent to 187 million in the fourth quarter, beating analysts’ estimates of 184.3 million. Average revenue per user rose 46 percent to $1.53, also beating analysts’ estimates of $1.36.

“Our business really came together toward the end of last year,” Snap Chief Executive and co-founder Evan Spiegel said on a conference call.