American Social Media Company’s Shares Perform Better 

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.

The company’s trading volume (116.1 M) eclipsed its 50-day average volume of 15.2 M. Camera and Social Media giant said that its gross revenue reached $982 million for the quarter, compared to $454 million for the same period in 2020. Snap also reported a stake of 55 million new users during the quarter as the number of total daily active users on the app rose to 293 million.

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.