- Snap is spiking Wednesday, up more than 6%.
- The stock is on track to end its six-day losing streak, during which it lost 20%.
- Wednesday’s spike comes almost a full day after encouraging news about Snap app download growth.
Snap shares are spiking Wednesday, up 6% at $US17.30 a share.
The spike comes as shares look to end their six-day losing streak, during which they lost 20%. Heavy selling on Tuesday pushed shares below their initial public offering price of $US17 for the first time since the company’s blockbuster earnings report on February 6.
Wednesday’s spike comes almost a full 24 hours after TechCrunch reported, citing Sensor Tower data, that first-time downloads of the photo-sharing app increased 71% in the week following the Snapchat app redesign. Downloads were up 41% one week before the redesign.
The data is notable as the redesigned app has received serious backlash from users.
“Sooo does anyone else not open Snapchat anymore?” Kylie Jenner asked her Twitter followers. “Or is it just me… ugh this is so sad.”She followed up with another tweet: “Still love you tho snap … my first love.”
Jenner has notably started using Snapchat again.
Snap is up nearly 16% this year.
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