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Break may no longer be the laughingstock of the New York Stock Exchange.
After resuming the growth in the number of users and the profit beating, Snap closed Wednesday with a stock price at $ 17.60, up 18.68%, offering the company a first closing above its $ 17 launch price since March last year.
After a long-awaited start that pushed Snap's share price up to 44% on the first trading day in March 2017, the company's shares fell sharply. It was only a few months later that the company's shares fell below the price of its original $ 17 shares, a figure it had briefly exceeded in early 2018 before falling to a record low of 4%. $ 82 at the end of December.
The company's earnings report released yesterday could mark a turning point for the social media company that would have struggled to retain the talent of executives and engineers in recent months due to the enthusiasm investors in rapid decline. In the Company's second quarter earnings report, Snap's executives highlighted their strengths, highlighting a quarterly increase of $ 13 million in the number of daily active users and a 18-percent 24 years.
The key to maintaining this growth will be whether Snap can continue to provide viral hits that will bring users to the platform, such as its augmented reality targets which the company estimates have provided 7 to 9 million new users of the platform. last trimestre.
Wednesday's rally will give Snap more leeway to pursue its initial content strategy and its more ambitious efforts, such as developing its games and augmented reality platforms.
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