- Snapchat is the 12th most-used social media platform globally.
- More than 5B snaps are created daily.
Snap stock surged more than 0.50% in its February trading session and closed at $10.71 with an average volume of 35.70M. On February 10, 2023, the company’s stock closed at $10.65.
Snap Inc (NYSE: SNAP) is a global social media giant in Santa Monica. The company was founded by Evan Spiegel, Bobby Murphy, and Reggie Brown in 2011.
The yearly trading range is between $7.33-$41.89, meaning the Snap stock lowest traded at $7.33 and had the highest trade at $41.89. The company has an overall market capitalization of 16.49B U.S Dollars.
The company owns technological products like Snapchat, Bitmoji, and Spectacles. The platform happens to be one of the most popular social media platforms with 363+ Million daily active users.
Earlier in 2013, Mark Zuckerberg, the founder of Facebook, presented an offer to purchase Snap Inc for $3 billion. However, the company CEO and founder refused Zuckerberg’s offer.
Snap has acquired 26+ companies over the years, wherein its most recent acquisition is Nextmind, a Paris-based company working to develop the next generation of brain-computer interfaces.
The social media company invested in 15+ companies and is the lead investor for 5+ companies. Snap is funded by 35+ investors and majorly by Alwaleed Bin Talal, a Saudi Arabian businessman.
Tencent, a Chinese technological giant, is also a lead investor/financer of Snapchat and has purchased over 140+ Million shares of Snap Inc. In the last 5 days, its stock price lost 12.29% of its trading price on February 7, 2023; it was trading at $12.21.
Fidelity Management & Research Co. LLC is one of the biggest institutional shareholders of Snap INC. It holds 127,825,708 shares valued at $1,477,665,184.The list includes several others like BlackRock Fund Advisors, The Vanguard GroupInc, Goldman Sachs Asset Management LP, Capital Research Management, Two Sigma Investments, and Voloridge Investment Management LLC. Income Statement
In the first quarter of 2022, Snap Inc.’s total revenue was $1.06B; its net income was -359.62 USD. The revenue in the second quarter increased and was recorded at $1.11B from a net income of -422.07M USD.
The third quarter revenue was $1.13B. The net income was the lowest in all preceding quarters of the financial year, standing at -359.50M USD. The social media giant employs 5000+ people in various projects.
Snap was one of the first companies to follow the concept of AR(Augmented Reality) and VR(Virtual Reality). The usage of these futuristic applications is most common among youngsters and kids.
Snap Inc. is the parent company of the popular social media platform Snapchat. One key factor that sets Snap stock apart from other technology companies is its unique business model.
Unlike most social media companies, Snap generates a significant portion of its revenue through advertising. As a result, it has created a highly innovative advertising platform that allows advertisers to reach Snapchat’s young, engaged user base.
Technical Levels
Major Support: $8.00 and $10.00
Major Resistance: $13.00 and $15.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/02/14/snap-stock-stuck-at-11-will-it-rally-to-15-in-coming-weeks/