Snap (NYSE:SNAP) stock has climbed all the way back to its post-IPO highs in the latter half of 2019. It is an impressive comeback story for the company that looked to be on a dangerous slide downward as it struggled to keep up with rising competitors like the Facebook-owned Instagram and WhatsApp.
In 2019, Snap has been the top internet stock of the year. According to Nomura, downloads for the Snapchat app have climbed 21% year-over-year in August. If it continues at this rate, Snap will far exceed the high-end of its guidance for users added in the quarter.
The company has achieved this rebound on the back of a focused ad-driven growth strategy, and a fix after a rough re-design that disturbed users. Shares have now shot up over 200% in 2019 as of close on September 6. In August, Snap announced the Snap Spectacles 3. These will come with an updated design and a second HD camera. They hit shelves at a price of $380.
Shares have been on a roll, but the stock remains outside of technically overbought territory at the time of this writing. Investors can expect to see its third quarter 2019 results in late October. It has surpassed expectations in 2019, but in the second quarter it still posted an adjusted loss of $0.06 per share. This also beat analyst projections.
Snap stock has been on fire in 2019, and current trends seem to indicate that it is on track to beat expectations again in the back half.
