The company is suddenly worth $120 billion, but it wasn’t always this way
When your stock price spikes 23% in a single day, you probably did something right. And in the case of Snap this week, the company did have a lot go right in the second quarter. But it wasn’t always so rosy an outlook for the social media app.
Just a few years ago, Snapchat appeared to be stuck in neutral, with shaky user growth and a seemingly-uneven business plan. The L.A.-based company, run by 31-year-old L.A. native Evan Spiegel, looked like it could end up becoming roadkill under Facebook’s wheels — especially after Facebook-owned Instagram copied Snapchat’s best-known feature. More on that turnaround in a moment.