Snap’s revenue did not meet analysts’ expectations of $563 million which had a negative impact on SNAP stock price. However, the company managed to increase its daily active user base.
Facebook has yet again released another Snapchat copycat app. Another one of many attempts and amidst its antitrust case with the FTC, this one has affected Snapchat noticeably, causing a drop in SNAP stock.
Facebook has finally gotten a partner app for Instagram dubbed ‘Threads’. This may be the app that will be the Snapchat killer. The question though is which direction is Facebook going in?
It seems that Snap stock has all but given up the ghost. The social network was worth $31 billion after its public debut two years ago. Now it’s less than $8 billion.
U.S. stock futures are trading higher this morning as traders return from the weekend in a buying mood. Ahead of the bell, futures on the Dow Jones Industrial Average are up 0.4% and S&P 500 futures are higher by 0.34%, while Nasdaq-100’s by 0.44%.