Snap Inc shares dropped 2.92% to $72.44 Monday. This proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.31% to 35,625.40 and the NASDAQ Composite Index COMP falling 0.20% to 14,793.76.
Snap Inc. closed $8.41 short of its 52-week high ($80.85), which the company achieved on August 10th.The stock underperformed when compared to some of its competitors Monday, as Apple Inc. AAPL rose 1.35% to $151.12, Twitter Inc. TWTR fell 1.60% to $63.78, and Facebook Inc. Cl A FB rose 0.93% to $366.56.
Snap Inc Trading volume (19.3 M) eclipsed its 50-day average volume of 17.8 M. This was the stock’s third consecutive day of losses. Snap Inc. saw revenue more than double in the latest quarter, easily topping expectations amid a continued rebound in the advertising market.Shares were up 18% in after-hours trading after the company posted second-quarter revenue of $982 million, up from $454 million a year earlier and vastly ahead of the $846 million that analysts tracked by FactSet had been projecting.
Snap has sought to capitalize on this by adding Indian-specific content, with 24 new Indian Discover Channels added in the quarter, while it’s also gaining traction in the market with its TikTok-replica ‘Spotlight’, which, once again, has seen continued growth in usage. A key element of Spotlight’s growth has been Snapchat’s creator payouts for top content, which started at $1 million per day but have since been revised down to millions per month.