Snap spiked after Apple demoed its new face tracking live on stage

Seth Archer

Sep 13, 2017, 01:02 IST

Apple

Snap's stock quickly made gains as Apple's Senior Vice President Craig Federighi demoed Snapchat live on stage during Apple's iPhone X event on Tuesday.

Snap spiked more than 2% higher as Apple used Snapchat to show off its new face tracking technology. The stock has since settled 0.26% lower than its opening price. The hype for seeing Snap on stage at one of the biggest tech events of the year seems to have been temporary.

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One of the easiest to notice changes on the new iPhone X is the large screen that engulfs the entire front of the device. Apple is moving toward a face-unlock feature as it eliminates the home button that was used to unlock its previous devices to make room for the new screen.

On stage, around 2:30 p.m. Eastern Time, Federighi showed off the new face-tracking technology used to unlock the iPhone X by opening Snapchat and showing how well it tracks faces on the new iPhone X. Federighi showed off two masks that tracked to his face really well in what looked like a custom version of the app.

Apple is really excited about the future of augmented reality technology, which was one of the main topics on display at the event. Snap is one of the widest use cases for augmented reality that is currently available, and Apple thought it was a good enough example of the technology to use on stage.

Snap is down 0.52% heading into Tuesday's close.