Snap and Pinterest Soar After Results Dispel Facebook Fears
- Both companies handily top Wall Street quarterly predictions
- The shares had plunged Thursday after Facebook report
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Snap Inc. and Pinterest Inc. surged Friday after upbeat results eased fears that a slowdown at rival Facebook reflected an industrywide social media slump.
Both companies topped Wall Street predictions with sales and earnings, with Snap even posting a surprise profit -- its first as a publicly held business. That sent shares of Snap rocketing up 47% in premarket trading while Pinterest gained 14%.