Last we reported on Snap Inc’s stock we had brought up how the stock was, unfortunately, trending in the wrong direction following a strong $17 IPO at a $24 billion valuation earlier this year. Now, following the release of Snapchat’s new feature, Snap Inc appears to have turned it around with the strong gains in the market rallying the stock price back to $15.98 at close.
As discussed earlier, Snapchat’s new ‘Context Cards‘ feature allows for contextual information to be given to the geotags that users can choose to decorate their snaps with via third-party partners. Partners supplying information for the cards include Foursquare, OpenTable, TripAdvisor, and Lyft, and will grow over time, Snaps says.
The new feature has already made a resounding effect on stock rallying the stock price up by 11.4% – the single greatest leap topping the previous growth mark from the stock’s second day of trading back on March 3rd. Analysts are also predicting that Snapchat reached 78.2 million daily users this quarter, an increase of 3.2 million.
Learn more about ‘Context Cards’ below!