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Snap Inc (NYSE:SNAP) ‘s stock seems to be picking up its performance with prices going above the IPO’s price of $17 last week after more than a year. This rise in Snapchat stock price (by nearly 12%) was a result of the better than expected Q2 performance. While projected revenue and loss per share for the period was $369.7 million and $0.10 respectively, the actual figures were much better.

These stood at $388 million and $0.06 respectively. More importantly, Snap – the parent of Snapchat – reported user growth of 8% year-over-year. This translated to 203 million daily active users or “DAU” (expected was 191 million daily active users).

Better Than Projected Q2 Results Propels Snapchat Stock Price

With the announcement of the Q2 results, the shares went up by 18.8% to 17.61% on Wednesday itself. The company saw its trading rise at the highest level long after February 26, 2018. Snapchat’s stock price tripled in value in 2019, up 253%. Just this past December it saw a low of $4.99. Currently, the market capitalization of the company stands at $23.8 billion.

This healthier performance can be credited to the company’s continued transitions over the past year and half. The company shifted its focus back to attracting the core base of younger people instead of trying to attract all users. Snap projected $435 million as revenue and expected DAU of 205 to 207 million this quarter. It was mainly due to reduced cost per unit coupled with an increase in DAUs. The gross margin improved to 46% from the previous year’s figure of 30%.

A Bullish Signal For Tech Stocks?

Snap’s latest rally and increased user growth suggest people are opting to use mobile platforms more frequently now. This comes as no surprise with more and more taking advantage of mobile applications like delivery apps Uber Eats (UBER), Postmates, as well as ParcelPal (PKG) (PTNYF).

In this regard, ParcelPal (PKG) (PTNYF) created an on-demand marketplace where customers can shop for anything from food to clothes. There is no more waiting in line for lunch or rushing to the store after work to grab your clothes. With ParcelPal on-demand, customers simply shop from the app, choose the items they want, and pay.

Something that is beginning to set ParcelPal (PKG) (PTNYF) apart from its immediate competition is its diversification strategy. Not only is the company working with the likes of Amazon, but it is also entering into key verticals that are seeing an increase in rapid demand. Right now, ParcelPal has built relationships with businesses in both alcohol and cannabis.

Special Report ] On-Demand Tech Companies Hit Billion-Dollar Valuations; Here’s How Investors Can Capitalize In The Market

The Next Step

Snap seems to work through its challenges faced past year by improving things at an operational level. The valuation of the company has been high but with things turning around the high valuation might be justified later. 2019 seems to be a crucial year especially with the company’s plans being full of transitions for the social media platform. Snap could actually see a much brighter future provided that augmented reality continues to lift off.

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Disclaimer: MIDAM VENTURES LLC has been compensated $75,000 per month by a ParcelPal Technology, Inc. for a period beginning September 1, 2018 and ending February 1, 2019 to publicly disseminate information about (PTNYF/PKG) to publicly disseminate information about (PTNYF/PKG). Midam Ventures has been compensated $100,000 by Parcel Pal and has extended coverage to April 1, 2019. Midam Ventures has been compensated $100,000 by Parcel Pal and has extended coverage to May 1, 2019. Midam Ventures has been compensated $200,000 by Parcel Pal and has extended coverage to June 1, 2019. Midam Ventures has been compensated $200,000 by Parcel Pal and has extended coverage to July 1, 2019. We may buy or sell additional shares of (PTNYF/PKG) in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information. We own zero shares. Click Here For Full Disclaimer
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