Experimental feature

Listen to this article

Experimental feature

More snap-worthy news for Evan Spiegel and Bobby Murphy.

Shares in Snap, the owner of disappearing message app Snapchat, are poised for a third straight day of gains since the stock began trading on Thursday.

The California-based company’s shares were up more than 5 per cent to $28.43 in pre-market trading and have climbed nearly 60 per cent from their listing price of $17.

The strong demand for Snap shares come despite the company’s net loss swelling to $515m last year, up from $373m in 2015. Investors also appeared to be undaunted by the fact that stock offers no voting rights.

Wall Street has been bearish on the company with 5 “sell” ratings, 2 “hold” ratings and no “buy” ratings on the stock, according to Bloomberg data.

Copyright The Financial Times Limited 2017. All rights reserved.

Follow the topics mentioned in this article

Follow the authors of this article

Comments have not been enabled for this article.