SNAP - Could Snap Become the Next Meta Platforms?
2024-02-21 05:11:00 ET
Snap 's (NYSE: SNAP) stock hit an all-time high of $83.11 on Sept. 24, 2021. That gave the social media company a market cap of $131 billion and represented a 389% gain from its initial public offering (IPO) price of $17 in 2017. At the time, Snap's Snapchat seemed to be mounting a strong comeback against Meta Platforms ' (NASDAQ: META) Facebook and Instagram. It also silenced the bears who argued that Snap should have just accepted Facebook's $3 billion buyout offer in 2013.
But today, Snap's stock trades at about $11 with a market cap of $18 billion. It tumbled below its IPO price as the growth in daily active users (DAUs) slowed down, its average revenue per user (ARPU) declined, and the company remained deeply unprofitable.
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Could Snap Become the Next Meta Platforms?