SOCIAL MEDIA NEWS
Cramer bullish on Snap as stock rockets 15% after earnings
Adam Jeffery | CNBC
CNBC’s Jim Cramer is bullish on Snap after the Snapchat parent company shot up over 15% on Wednesday morning following a strong earnings report.
“This thing is not done going up, it should go up more,” Cramer said on “Squawk on the Street. “
Shares of Snap have been surging since the company reported second-quarter financials after the bell Tuesday. Snap posted a slimmer-than-expected loss and exceeded Wall Street’s estimates for user growth and revenue.
“The growth in our community, engagement, and revenue is the result of several transitions we completed over the past 18 months,” said Snap CEO Evan Spiegel in a statement. “We look forward to building on our momentum and making significant ongoing progress in each of these areas.”
Snap on Wednesday was trading at $17.15. It hasn’t traded above its initial public offering price of $17 since March 2018, when it hit a high of $17.10.