Diamonds and Dogs

10/21/20

Oh Snap! Snap (SNAP) is up 27% to new highs following better than expected earnings. The instant messaging app maker posted a surprise third quarter profit on surging user and revenue growth. Snapchat saw a 18% in new members while the July boycott of Facebook boosted advertising sales by 52% to $678.7 million. Snap now has more than 100 million people in the US alone.

Netflix (NFLX) takes a tumble. Netflix is down 6% after missing Wall Street's estimates for subscribers, renewing doubts about its ability to maintain growth as pandemic lockdowns go away and competition intensifies. Europe and Asia have returned to something closer to normal day-to-day life, reducing the amount of time they can spend on Netflix while Disney+ and AppleTV+ are increasing competition.

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