Snap share jumps as Android app prods promise

by   |  VIEW 212
Snap share jumps as Android app prods promise

On Wednesday, the 6th of February, 2019, the shares of Snap Inc. rose by 25 percent to $8.78, after the Snapchat messaging app makers had overhauled a fall of its uses on the Apple devices and a series of favorable reviews had prompted the push.

Last year, the Snapchat had faced sheer criticism over its messaging app, as multiple reviews reported that they had failed to redesign their messaging app in a convenient manner. Following a cascade of caustic criticisms, millions of users had left the messaging platform last year during the fourth quarter, although in the first quarter of the last year had experienced an abrupt rise of 191 million users, following sweeping reform in the management.

While at least 11 brokerages had raised their price target for Snapchat shares, the company said that they had not been expecting any decline in users on the Q1, 2019, following a series of promising reviews. Nonetheless, the messaging app provider had reported 186 million of active users in December 2018, beating the Wall Street’s forecast of 184.91 million by a wide margin.

Addressing to a stable growth momentum of Snapchat in terms of users, a Credit Suisse analyst wrote in a note, “We are taking comfort in the iOS user stabilization, (but) the more important product development for us will be the release of the Android app to help reignite user growth. ”