NEW YORK, July 2, 2026, 18:01 EDT
- Snap ended 1.9% higher at $4.84, its fifth consecutive rise. The Nasdaq Composite slipped 0.8%.
- Volume reached 37.2 million shares, roughly 18% under the 50-day average, and the stock remained 53.5% below its 52-week high.
- Snap’s “other revenue” jumped 87% in Q1 to $285 million, while ad revenue rose just 3%. That makes revenue mix the clearer investor test. Snap Inc. Investor Relations
- U.S. stock markets are shut on Friday for the Independence Day holiday observed.
Snap Inc. NYSE:SNAP climbed Thursday, bucking weakness in tech names. The stock’s fifth day up, but volume was below average. That suggests fewer buyers are jumping in during the latest move.
Snap ended the day up 1.89% at $4.84, beating the Nasdaq Composite, which dropped 0.80% to 25,832.67 as chip names weighed on the index. Volume came in at 37.2 million shares, about 8.1 million below Snap’s 50-day average. The stock is still trading well under its 52-week high of $10.41.
| Thursday tape | Latest |
|---|---|
| Snap finished at | $4.84 |
| Snap moved today | +1.89% |
| Snap has risen | 5 sessions |
| Snap traded volume | 37.2 mln shares |
| 50-day volume average | 45.3 mln shares |
| Nasdaq Composite | -0.80% |
| Snap off 52-week high by | -53.5% |
The gap is relevant since Snap isn’t valued on the same level as bigger social platforms. The latest market cap for Snap came in around $8.17 billion. That compares with $14.05 billion for Pinterest Inc. NYSE:PINS, $39.43 billion for Reddit Inc. NYSE:RDDT, $1.49 trillion for Meta Platforms Inc. NASDAQ:META and $4.36 trillion for Alphabet Inc. NASDAQ:GOOGL.
| Company | Latest price | Market value |
|---|---|---|
| Snap Inc. NYSE:SNAP | $4.84 | $8.17 bln |
| Pinterest Inc. NYSE:PINS | $22.07 | $14.05 bln |
| Reddit Inc. NYSE:RDDT | $194.67 | $39.43 bln |
| Meta Platforms Inc. NASDAQ:META | $582.90 | $1.49 trln |
| Alphabet Inc. NASDAQ:GOOGL | $359.91 | $4.36 trln |
The bigger story isn’t the stock’s one-day move. It’s the level of credit investors are giving Snap for revenue beyond its main ads business, especially with the shares trading at a low absolute valuation.
Snap reported a 12% jump in Q1 revenue to $1.529 billion. Ad revenue came in at $1.24 billion, up 3%. Other revenue climbed 87% to $285 million, mainly on Snapchat+ subscriptions, newer products like Memories, and early demand for Lens+, according to the results and earnings call.
| Q1 revenue pool | Sales | Year-on-year change | Share of Q1 revenue |
|---|---|---|---|
| Advertising | $1.24 bln | up 3% | 81% |
| Other revenue | $285 mln | jumped 87% | 19% |
| Total revenue | $1.529 bln | up 12% | 100% |
As of Thursday, Snap was trading at around 1.3 times its annualized first-quarter revenue. The smaller non-advertising revenue segment came in at about $1.14 billion annualized from Q1, or near a seventh of Snap’s market cap. That’s a rough run-rate metric, but it helps explain why even small moves in subscriptions or new products can move the stock when it’s this tight.
CEO Evan Spiegel said after Q1 Snap was back to growth in daily active users and had “strong free cash flow.” CFO Derek Andersen said the quarter showed “early evidence” that the company’s changes were showing up in revenue and costs. Snap Inc. Investor Relations
Snap is still betting on hardware and spending for it, but investors want to see results in the income statement. The company launched its Specs AR glasses for consumers on June 16, priced at $2,195. Shipments are due this fall in the U.S., U.K. and France.
Spiegel told Reuters that Snap’s focus is on “drive long-term profitability,” countering activist demands for changes to the Specs business. Irenic Capital has said Specs should get separate funding, after Snap put over $3.5 billion into the unit, Reuters reported. Reuters
Russ Mould at AJ Bell told Reuters in April that while cost cuts might “appease an activist,” the real issue for Snap is whether it can protect its business and make it profitable. Snap said at the time it would cut about 1,000 jobs, aiming for over $500 million in yearly savings by late 2026. Reuters
NYSE and Nasdaq equity trading is shut on Friday, July 3, for the Independence Day holiday. The last full session for U.S. stocks this week is Thursday.
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