Snapchat stops losing users, stock soars 20%
New York (CNN Business)Snapchat didn’t add any users last quarter, but it didn’t lose any either. For some companies, that might not be great news; for Snapchat, it’s enough to get Wall Street positively ecstatic.
Snap (SNAP), its parent company, said Tuesday that the messaging app had 186 million daily users in the final three months of 2018, unchanged from the prior quarter and ending a streak of two consecutive quarters of declining users.
The company had said in October that it expected its user numbers to continue declining during the holiday quarter. On a conference call with analysts Tuesday after the report, Snap’s interim CFO Lara Sweet said the company is “cautiously optimistic” that daily users will not decline in the first three months of 2019, either.
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