Why Snap Stock Snapped a Trend and Skyrocketed Today

The company benefited from increased user adoption and higher ad rates.For well over a year, investors could count on shares of Snap (SNAP 27.76%) dropping after the company reported earnings. But it snapped that streak today after it reported financial results for the first quarter of 2024, and as of 12:30 p.m. ET on Friday, the stock was up a stunning 29%.Snap finally benefiting from an ad-market recoveryGoing into the quarter, Snap had guided for daily active users (DAUs) of 420 million and revenue of $1 ...