A memo to employees from CEO Evan Spiegel was leaked by Cheddar late Thursday night. The memo stated that the company planned to be profitable by 2019.
The memo shot Snap shares into the green in early morning trading. As of midafternoon, trading had mellowed out and the company was down almost 1% going into the close.
Real Money reporter Kevin Curran covered the Snap saga. He chatted with TheStreet about the memo and broke down what was going on.
He also revealed that, shockingly, he is more of an Instagram user, which has also had its share of drama lately after the Instagram founders left parent company Facebook (FB) - Get Facebook, Inc. Class A Report .
"We found the tone of the memo to be largely positive, a welcome message given the struggles at Snap over the past two years," Deutsche Bank AG analyst Lloyd Walmsley wrote on Thursday night.
Curran also reported that "in the near term, the market seems to see a flash of hope that the cash-burning social media company might be able to one day attain the picture of profitability."
Check out what Curran has to say about Snap and his reporting on the company.