In late June, the company announced that it had reached 2 billion users, up from the 1.94 billion users it reported at the end of the first quarter. In addition, Facebook's Instagram photo-sharing app is successfully drawing investors' eyes away from Snap Inc. (SNAP) - Get Report and presenting more ad revenue opportunities for the company as its main platform's ad load reaches maxes out.
In other words, Snap CEO Evan Spiegel might be wishing it hadn't rejected a reported $3 billion cash offer from Facebook in 2013, which the Wall Street Journal originally reported. While Facebook's stock is up 43% in 2017, Snap's stock is actually down 43% to $13.88 since its IPO in early March. Snap's loss has literally been Facebook's gain.
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