- Thomson Reuters
Snap is up 6.11% on Tuesday after a survey of suggested youngsters favored its platform over Facebook.
According to a survey from eMarketer, teenagers ages 12-17 are migrating away from Facebook in favor of Snapchat and Instagram. Snap is now predicted to overtake Facebook and Instagram in terms of monthly users in the 12 to 17-year-old category, a first for the company.
Snapchat’s US user base is expected to grow 25.8% in 2017, according to eMarketer.
Facebook is still the largest social media platform in the world, as it reaches nearly half of all monthly internet users globally.
Snap fell slightly on Monday, breaking its five-day winning streak. Shares rallied 18.5% over the run.
The company seems to finally be breaking free from the shadow cast by the lockup expirations. The lockups were designed to stop company insiders from flooding the market with shares as the company went public. But, 1.2 billion shares were unlocked over the last month, the company’s price has been held to their lowest levels since the company went public.
Snap is trading at $14.42 on Tuesday afternoon, which is about 15.17% lower than the $17 IPO price.
- Markets Insider