Snap Extends Gain as No. 1 Internet Stock This Year
- User additions this quarter seen on pace to double guidance
- Stock has surged this year to beat the Nasdaq Internet Index
Source: Snap
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Snap Inc. rose, extending its lead as the best internet stock of the year, as Nomura Instinet predicted that new users of its social-messaging app may double the company’s own forecast.
Downloads for Snapchat continued to show strong growth in August, rising 21% from a year ago, according to a monthly data tracker by Nomura. At this rate, analyst Mark Kelley said Snap will add between 5.5 million and 10 million users this quarter, above a range of 2 million to 4 million projected by the company.