Here's Why Snap Stock Soared 24% Higher in February
Shares of Snap Inc. (NYSE: SNAP) rose 24% in February, according to data provided by S&P Global Market Intelligence. The company kicked off the month by reporting financial results that exceeded Wall Street expectations. Then it followed this up by setting ambitious goals at its investor-day event.
Snap had a great 2020. Full-year revenue increased 46% from 2019 to over $2.5 billion. But fourth-quarter revenue growth was even better, surging 62% higher than the fourth quarter of 2019. This robust revenue growth was built upon the company's solid growth in active users. Snap now has over 265 million people using the Snapchat app daily.