Can Snapchat keep its bounceback year going?
For Snap CEO Evan Spiegel, 2019 marked the beginning of a new upswing for the tech company he co-founded in 2011.
Snap Inc., the parent company of Snapchat, is scheduled to report its second-quarter earnings Tuesday afternoon as one of the hottest companies of the year, with its stock price more than doubling since early January. That run has been spurred by the Los Angeles-based company returning to positive user growth last quarter and a second-straight quarter of better-than-anticipated sales.
This time last year, Snap was in a tough spot, after a botched redesign prompted the hemorrhaging of millions of users during the second and third quarters of 2018. The tech company’s stock price took a beating, falling to about $5 per share a week before Christmas, a 63% drop from mid-July.
Adding salt to the wound, Snapchat’s chief rival, Instagram, announced in January it had reached a milestone, with more than 500 million daily Stories users. For comparison, Snapchat — the creator of the popular pictures and video feature that comes with a 24-hour shelf life — has 190 million daily users.
Will Snap continue its rebound or potentially slide back into…
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