Snap recovers from Apple privacy changes, shares surge 50%

FILE PHOTO: The Snapchat app logo is seen on a smartphone in this picture illustration taken September 15, 2017. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Snap Inc on Thursday said its advertising business bounced back from the effects of Apple Inc's privacy changes faster than it expected, and shares of the company skyrocketed 50% as it provided a first quarter outlook that surpassed analyst estimates.

The results were good news for a tech sector hammered since yesterday on gloomy outlooks and concern that Apple's privacy updates, which were introduced last year and allow users to prevent apps from tracking their online activity for advertising purposes, would hurt ad revenue.