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Snapchat is 2019's big tech hit in the financial market

According to Forbes, the company's shares have risen nearly 200% this year. The company has turned its attention to younger users

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  • Today, Snapchat is valued at $ 23.5 billion–a valuation of $ 7.2 billion since December 2018, according to Bloomberg data cited by Forbes;
  • Unpopular among older people, over the past year, the company has turned its attention to younger users, exploring new opportunities like Snap Games.

Snapchat’s debut on the stock market in 2017 was somewhat disappointing, but the company is overshadowing its tech counterparts this year. According to Forbes analysis, the company’s shares rose nearly 200% in 2019, well ahead of Facebook and Pinterest, which saw their shares rise 40% and 23% respectively.

Today, Snapchat is valued at $ 23.5 billion–a valuation of $ 7.2 billion since December 2018, according to Bloomberg data cited by Forbes.

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According to the publication, after two years of doldrums, user engagement with the social network has grown again. Unpopular among older people, over the past year, the company has turned its attention to younger users, exploring new opportunities like Snap Games. Some Wall Street analysts predict that Snapchat’s new gaming platform could see a strong growth in the future, according to Forbes.

Evercore ISI analyst Kevin Rippey told the magazine that he sees games bringing in as much as $ 350 million a year by 2022. In the second quarter of this year, Snap saw a 48% increase in its annual revenue of $ 388 millions. Third-quarter results come out in November and should reveal whether the company is really experiencing a turning point.