Snap is closing in on its best levels since June

Markerts Insider
  • Snap shares are up more than 2% on Friday.
  • They have gained more than 5% this week.

Snap shares are higher Friday, up more than 2% to above $US20 apiece. They have gained more than 5% this week and are flirting with their best close since June.

Shares of the photo-sharing company have seen a reversal of fortune as of late. Last week, Snap announced better-than-expected fourth-quarter earnings that sent shares up nearly 50%. This week, an eMarketer report concluded the company is “siphoning away” young users from arch nemesis Facebook.

Snap is also luring back its influencers, or quasi celebrities who make stories that reach a wide audience and pull in ad dollars. Those influencers had fled the platform for a brief period, before Snap created tools that allowed influencers to keep their fan bases engaged.

Shares have managed to shrug off user fury over the app’s redesign. CEO Evan Spiegel doubled down on the redesign’s potential, after many teens who use the app tweeted about their displeasure with the new interface. The tweets lead to a petition to “remove the new Snapchat update” that got almost 600,000 signatures. Spiegel said that those complaints only “validate” the changes.

Snap shares are up 35% this year.

Snap stock priceMarkerts Insider

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