Snap pops after impressive numbers from its news show are released
Shares of Snap are up 3.07% on Friday after viewership numbers for its newest show impressed investors.
Snap recently partnered with NBC for its twice-daily news show "Stay Tuned." More than 29 million people have watched the new show, which launched less than a month ago, according to a report from Axios.
The show is fast-moving with on-camera hosts and catchy graphics packages aimed at Snap's younger audience. So far, it's been working, as 60% of viewers are less than 25 years old. 40% of those viewers also tune into the show at least three times a week.
The company seems to finally be free of the shadow cast by its lockup expirations. Several holds were placed on shares owned by company insiders after the initial public offering in order to limit the number of shares hitting the market as the company went public. Investors had worried the flood would just be delayed until the lockups expired, but now that most of the expirations have come and gone, Snap has been on a winning streak.
Snap is up 20.74% since the most recent lockup expired and has closed higher every day this week so far.
Snap is down 19.05% since its IPO at $17.
