Social Media Stocks Jump After Snap Results Suggest Ad Strength

(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


Did you enjoy this article? Join our FREE Newsletter!
I agree to have my personal information transfered to MailChimp ( more information )
Join over 100,000 investors and business leaders worldwide. Get the latest actionable business and investing intelligence before the rest of the crowd.
We hate spam. Your email address will not be sold or shared with anyone else.