Social Media Stocks Jump After Snap Results Suggest Ad Strength
- Pinterest, Twitter and Facebook all rallied on Snap results
- Revenue and user growth suggest resurgent advertising spending
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Social media stocks rallied after Snap Inc. reported third-quarter revenue and user growth that beat analysts’ expectations, suggesting resurgent advertising spending.
Pinterest Inc. surged a record 14% on Wednesday, getting an extra boost from two analysts who raised their ratings on the company to buy. Both cited Snap’s results. Twitter Inc. gained as much as 8.6%, while Facebook Inc. rose 5.8%. Snap soared 31%.