Shares of Snap close up 23% day after earnings beat
Summary
Shares of Snap soared to close up 23% Friday, as the company continued to ride its strong second-quarter earnings beat. Thats also up more than 23% compared with the 238 million daily users the company reported a year prior. Snaps ad growth was also a key highlight, with concerns around potential Apple iOS privacy changes largely alleviated during the quarter. Snap said the company was not impacted by the iOS 14.5 privacy changes as it had anticipated that it would be. This was due to the mobile operating system update rolling out later than expected, iOS users being slow to update their devices and Snap observing "higher opt-in rates than we are seeing reported generally across the industry, which we believe is due in part to the trust our community has in our products and our business," Snap executive Jeremi Gorman said Thursday.