Snap Wins Wall Street Bulls Even as Facebook Threat Lingers
- After slumping 70% from IPO, stock has doubled this year
- Now it’s a ‘more mature company’ but profit is a ways off
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Wall Street thinks Snap Inc. is back in the game.
After a much-vaunted public offering in 2017, when the social media app was a hit with teens and young adults who flocked to its photo filters, disappearing text messages and “streaking” marathons, the stock began a steady decline. Bigger rival Facebook Inc. copied some of Snap’s best features, pulling away users in that demographic gold mine, and an app redesign turned off many of the fans that remained.