Snap hits $100-bn market value after doubling in four months

Snap Inc. hit $100 billion in market value after surging usage and a rebounding market for digital ads sent the social-media stock soaring this year.

The Snapchat owner rose as much as 3% on Monday after Morgan Stanley turned bullish, saying it’s poised for faster-than-expected growth in engagement, revenue and profitability. The stock has doubled since October and is up more than four-fold over the past year amid a sharp increase in usage during the coronavirus pandemic.

Social-media companies have seen their revenues swell as stuck-at-home consumers spent more time on their platforms and spending on digital ads rebounded from an initial drop last year.