American camera and Social Media company Snap Inc. soared 23.82% to $77.97 Friday. This proved to be an all-around great trading session for the stock market, with the NASDAQ Composite Index COMP rising 1.04% to 14,836.99 and the Dow Jones Industrial Average DJIA rising 0.68% to 35,061.55.
The camera and Social Media company hit a new 52-week high, surpassing its previous peak of $73.59, which the company achieved on February 24th. The stock outdid some of its competitors Friday, as Apple Inc. AAPL rose 1.20% to $148.56, Twitter Inc. TWTR rose 3.05% to $71.69, and Facebook Inc. Cl A FB rose 5.30% to $369.79.
Snap’s adjusted earnings per share were 10 cents, compared to a net loss per share of 9 cents in the second quarter of 2020. The company cut its net loss by 53% year over year to $152 million from $325 million. Snap indicated the increases in its investment in augmented reality technology, its camera kit partnerships with Walt Disney Co. and Bumble Inc., which brought its AR capabilities to those companies’ apps, and its e-commerce and original content offerings.