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Why Snap Stock Jumped on Wednesday

TheMotleyFool

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Shares of Snap (NYSE: SNAP), the parent company of social media app Snapchat, surged higher on Wednesday. The stock rose as much as 14.9% but was up 13.1% as of 10:31 a.m. ET.

The tech stock's gain was fueled by news of the company's plan to cut costs. Perhaps investors think the move would bolster profits and help it become more agile.

But other important news was buried in the update, including the completion of a meaningful share repurchase program and an update on the company's quarter-to-date revenue performance for the third quarter.

Source Fool.com

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