Snap hits its best levels since its earnings disaster

  • Shares of Snap are trading higher by 3.01% at $US13.36 apiece, their highest since the company’s disasterous third-quarter earnings report.
  • Back on November 7, the company announced disappointing user growth and revenue that fell well short of expectations, sending shares down by about 15%.
  • The following morning, Tencent, the Chinese company behind WeChat, announced it had acquired a 10% stake in the company in the open market. That day, Snap shares bottomed at $US12.10, and have rallied about 9% ever since.
  • Snap’s stock is down 21.4% since the company went public on March 1.

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