Snap Inc (NYSE: SNAP) stock closed Thursday trading at $57.07, up 5.86% from the day’s opening value. During the pre-market trading session, Snap stock was up approximately 0.23%. The spike in the social media giant stock was attributed to several announcements made during the 2021 Snap Partner Summit held on Thursday.
One of the announcements that caught investors’ attention was that the company recorded 500 million monthly active users (MAU), a huge milestone. Additionally, the company announced new features that will allow online retailers to use its platform more in the future.
The company is reportedly morphing in response to Apple Inc‘s (NASDAQ: AAPL) quest to change its ecosystem’s privacy approach on iOS 14.5. Notably, the company unveiled a new feature dubbed Connected Lenses that allow people in different locations to interact with the same virtual lenses.
Snap Stock and Future Market Prospects
During the event, the company launched a cool feature that allows people to use their camera on the app to scan and analyze the content. Typically, this means that one is now capable of scanning a photo and the app will automatically redirect them to the best recommendations of where to shop for a similar outfit.
“We’re excited about the power of our camera platform to bring Snapchatters together with the businesses they care about in meaningful ways,” said Snap’s global AR product lead Carolina Arguelles Navas. “And, now more than ever, our community is eager to experience and try on, engage with, and learn about new products, from home.”
According to the company, this new feature has already garnered over 170 million users. The company continues to reinvent the internet wheel, particularly with the help of augmented reality. The company noted that it is working to enable API integrations with businesses that make lenses smarter and much easier to use.
The company has recorded amazing growth in the past few years, putting in mind it turned down a multi-billion acquisition by Facebook Inc. (NASDAQ: FB). Since going public back in 2017, the social media platform has survived many accusations, some alleged to be propagandas orchestrated by its rivals.
The company has a reported market valuation of approximately $82.13 billion with 1.27 billion outstanding shares. In the past 52 weeks, Snap stock ranged between $16.51 and $73.59 according to market analytics provided by MarketWatch.
After coronavirus was declared a global pandemic, the company was poised to significantly benefit from more active users. As the pandemic gripped the global economy, Snap stock rallied to new highs. According to metrics provided by MarketWatch, Snap stock has added approximately 222.98%, and 13.98% during the past twelve months and year to date respectively.