Snap is on track to end its 7-day losing streak

  • Snapchat’s parent Snap was up 3.69% on Wednesday afternoon, putting it on track to reverse seven consecutive trading sessions of losses.
  • Snap rolled out several new features on Tuesday including a group video chat and the ability to tag friends in “Stories.”
  • You can view Snap’s stock price in real time here.

Shares of Snapchat’s parent company Snap were on track to end seven consecutive trading days of losses.

Snap stock was up 3.69% on Wednesday afternoon, buoyed by the announcement of new features Tuesday, including a group video-calling feature and the ability to tag friends in Stories.

The company is replicating some of the best features from its largest rival Facebook, representing a reversal of roles, as Facebook has often implemented functions similar to Snapchat’s features on its platforms.

For instance, Instagram’s “Stories” feature is very much like a feature that originally appeared on Snapchat. Meanwhile, Snapchat’s new group video chat feature, which allows calls with up to 16 people, is similar to a feature from Facebook Messenger, which was introduced in December 2016.

Snap’s stock has been slipping in recent weeks after the company announced it was laying off 100 employees in March. It also followed the broader tech market selloff in the wake of the Cambridge Analytica data scandal embroiling Facebook.

Two Wall Street analysts had also downgraded Snap’s stock on Monday.

Snap’s stock was trading at $US14.58 per share, and was down 2.44% for the year.

Read more about how Facebook’s massive data breach has repercussions for all tech stocks.

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