What happened: Snap (SNAP) stock surged 13% on Tuesday. What's behind the move: The social media company's second quarter revenue was higher than expected, and its loss per share was smaller than expected. Going into the print, Wall Street expected the social media platform to report a loss per share of $0.12, according to S&P Global Market Intelligence. The company has faced intense competition in the social media and advertising space from Meta's (META) Facebook and TikTok, as well as rising infrastructure costs. Snap stock is down roughly 92% from its all-time high of roughly $75 in 2021.