Snap is popping after a report of huge engagement growth
Snap
Snap is up 1.17% to $14.65 on Friday morning after a report from Axios said the company's user engagement numbers jumped recently.
Snapchat has seen a 40% growth in its Stories engagement since launching its Snap Maps feature, according to the Axios report by Sara Fischer. Snap CEO Evan Spiegel said he sees this as a step towards competing with the social messaging app's giant rivals Facebook and Instagram.
Snap Maps was introduced earlier this year and allows users to see their friends' locations on a map. Users can then tap on a location to see Snapchats from users in that area. The feature is one of the biggest innovations from the company recently, and in addition to driving more engagement, the feature is expected to enable new location-based advertisements on the platform.
In addition to the engagement growth, Snap expects more than a trillion Snaps to be sent this year, or about 3 billion a day. The company also claims that active users open the app about 20 times a day. Snap's users are also engaging heavily with the new augmented reality features in the app. More than a third of daily active users interact with the AR features, according to Axios.
Snap has had trouble competing against the marketing prowess and copy-cat nature of its main rival, Instagram. Instagram famously copied Snap's Stories features and has surpassed Snap in the number of daily Stories users since then.
Snap is still 13.6% lower than its IPO price of $17.
Read more about Evan Spiegel's plan to turn the company around with new hardware products here...
Get the latest Snap stock price here.
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- A millennial manager went viral after her Gen Z assistant picked up a work call while at the hair salon: 'Go off queen'
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Kia India looks to expand sales, service network to 700 touchpoints by year-end
- Shapoorji Pallonji’s Afcons Infra files DRHP for ₹7,000 crore IPO
- Water crisis affects businesses across Bengaluru; Is there room for cautious optimism?
- BenQ Zowie EC2-CW review – Premium wireless mouse for gamers
- Banks' GNPAs set to improve further to 2.1 pc by FY25: Care Ratings