Snap also recently launched an opt-in Map feature; users can track their friends' whereabouts in real-time.
Snap has suffered from falling stock prices since floating on the USA share market earlier this year.
Today, Snap did little to change its trajectory when it reported quarterly earnings that missed Wall Street projections.
Snap (SNAP) is set to report its second-quarter earnings after the bell and it has a lot to prove to investors. Finally, Nomura reissued a "sell" rating and issued a $28.00 price objective (up from $16.00) on shares of Snap in a research note on Thursday, May 11th.
Shares of the Los Angeles company slumped almost 17 per cent in extended trading. Nine analysts have rated the stock with a sell rating, twenty have given a hold rating and fifteen have assigned a buy rating to the company's stock. Finally, Aegis reaffirmed a "hold" rating and issued a $22.00 target price on shares of Snap in a report on Friday, May 19th.
Snap (NYSE:SNAP) opened at 13.77 on Wednesday. The company's 50-day moving average is $15.37 and its 200-day moving average is $19.24. Neither plans to dump stock anytime soon, and the company has waved off rumors of a potential $30-billion acquisition offer from Google. Snap Inc. has a 12 month low of $11.90 and a 12 month high of $29.44.
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Despite another disappointing performance, Snap cofounder and CEO Evan Spiegel put on a courageous face on Thursday. The company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of ($0.29) by $0.13. The business had revenue of $181.70 million for the quarter, compared to the consensus estimate of $186.49 million. Snap's revenue for the quarter was up 153.1% on a year-over-year basis.
Several equities research analysts have recently weighed in on SNAP shares.
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Snap Inc, formerly Snapchat, Inc, is a camera company. BlackRock Inc. now owns 10,343,549 shares of the company's stock worth $183,805,000 after buying an additional 936,791 shares during the period. Private Advisor Group LLC increased its position in Snap by 6.7% in the second quarter. The company leveraged its Windows platform to pulverize Netscape, which would go on to lose much of its market share within a few years. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Snap by 654.0% in the second quarter.
Despite its struggles, some Snap watchers remain optimistic about the company's future. (SNAP) has revolved around the impact of Facebook's clones - Instagram Stories especially - on Snapchat's user growth.