Shares of Snap (NYSE: SNAP) are up just over 15%, or $1.13 a share. All after the company reported strong revenue that was above expectations, it said it would buy back $500 million worth of stock, and noted that Perplexity AI will pay it $400 million to integrate its AI search features into Snap. Revenue of $1.51 billion was above estimates of $1.49 billion. Global daily active users jumped to 477 million, as compared to estimates of 476 million.
A key part of the OpenAI and Microsoft partnership hinges on the startup achieving AGI, affecting Microsoft's financial benefits from OpenAI until that point.