Markets Insider
- Snap has reportedly entered into a partnership with an Indian advertising-technology firm that will help it monetize its user base in India.
- Snap shares are up almost 4% on the news.
- May has been a rough month for Snap shares.
- Watch Snap trade in real time here.
Snap is surging, up as much as 4% Wednesday, after a report said the camera company is entering into a partnership with an Indian advertising-technology firm that will enable it to sell ads on the platform in India.
The Times of India reported Wednesday that Snap and Indian ad-tech firm Tyroo have a deal that will help Snap monetize its more than 9 million users in the country. This is the first time Snap will try to make money in India, and it's going up against none other than Facebook and Google, both of which have developed a footprint in the country.
This potentially new revenue stream for Snap seems to be a value-added opportunity to investors, who have recently not been too hot on the stock. Shares hit a record low of $10.50 earlier this month, in the wake of the company's disappointing first-quarter earnings report.
Snap is down 26.8% this year.