(Bloomberg) — 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%.User surveys and Snap’s results “suggest that advertiser demand strengthened over the course of the quarter, particularly for smaller platforms like Pinterest, Twitter and Snap,” Goldman Sachs analyst Heath Terry wrote in a research note upgrading …read more
Source:: Yahoo Finance
