Snap stock soars on first ever better-than-expected earnings
It looks like the cloud of doom and gloom hanging over Snapchat parent company Snap Inc. may be in the early stages of receding, as the company today posted its first ever better-than-expected quarterly earnings since going public in spring of last year. Helping the situation even further is an improved user growth rate of 5 percent, up from 2.9 percent in the previous quarter. That indicates that Snap CEO Evan Spiegel’s redesign of the Snapchat app, unveiled back in November and still in the process of rolling out worldwide, may be helping the company reclaim some of its early-stage popularity surges that were damaged, in part, by Facebook’s launch of Instagram Stories.
By the numbers, Snap’s fourth quarter earnings were significantly…
