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<p class = "canvas-atom web-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Snapchat's parent company has seen its shares leap more of 7% in intraday, after the revelation that Instagram – owned by Facebook (FB) – & nbsp;closed Direct, a stand-alone application& nbsp; designed to facilitate private communication between users. "data-reactid =" 16 "> Snapchat's parent company saw its shares jump by more than 7% in intraday, after revealing that Instagram – owned by Facebook (FB) – was shuttering Direct, an app Standalone designed to facilitate private messages between users.
Instead, Facebook plans to consolidate the direct messages into the Instagram app itself, according to an Instagram statement confirming the news first published by Techcrunch.
"We are canceling the autonomous stand-alone application test," Instagram said in a statement. "Our goal is to continue to make Instagram Direct the best place for fun conversations with your friends."
Investors reacted by making an offer on Snap shares, relieving that the photo and video sharing platform would not be forced to defend against another competitor. Shares of Snap, traded on the New York Stock Exchange, climbed to $ 11.53 Thursday afternoon.
<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The popularity of Instagram has soared, & nbsp ;largely at the expense of Snapchat, by appropriating many of the features of the latter and bleeding a lot of its users. However, Snapchat has gradually regained its fans, while its most recent quarterly results indicated & nbsp;daily active users increased to 190 million. "Data-reactid =" 20 "> The popularity of Instagram has skyrocketed, largely at the expense of Snapchat, appropriating many features of Snapchat and killing many of its users. has gradually won back its fans the quarterly results showing daily active users increased to 190 million.
Snap's recent release of a refurbished application for Android users places it "in a better position to meet the demand from users around the world," Credit Suisse said in a research note. The company is evaluating the stock at Surperform, with a target of $ 13.
<p class = "canvas-atom text-canvas Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read more:"data-reactid =" 22 ">Read more:
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