Snap’s stock is now trading at an eight-month high
Snapchat-parent Snap’s (SNAP) stock has been on a tear. The stock surged 3.6% on Monday, April 8, during an otherwise sedate trading session. The stock is now at an eight-month high and has risen over 165% since December 21, 2018.
The recent rally on the stock was after the company announced its own gaming platform, which could help retain its young users, and a new feature which will soon allow users to share their Snap Stories on other platforms like Tinder. Apart from this, the company has been working hard on further improving its platform.
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Snapchat just announced a revamped version of its Android app
Snap has mostly focused on its iOS app, while neglecting, to an extent, its Android app. However, last year the company announced that it is working on rebuilding its Android app. On Monday, the company announced that it has rebuilt its Android app, which the markets were happy about.
The new Android app is likely to be faster than the previous version, with fewer lags and bugs. Users faced several problems on the older app including poor camera quality.
Snap might have ignored its Android users in the past because its most lucrative market has been the US, as the graph above shows, where users overwhelmingly use iPhones.
However, the poor Android app was a major factor behind Snapchat’s shrinking user base last year. Even though most of the Android users are based in developing markets where Snapchat does not rake in a lot of money, this is an important development for the company, as it could help its user base.