Can Snap's Newest Partner Stop Shares From Falling?
Snap Inc. (NYSE: SNAP) is pulling out all the stops trying to stop its stock’s steady decline. After the initial public offerring, shares nearly reached $30 per share, but now they’re less than half of that. To say that this social media company’s shares are struggling might be an understatement. However with this new partnership Snap is looking to pull in some more ad revenue.
The company recently announced that Jebbit, an innovative mobile experience and declared data platform, is now an official partner. According to Snap, Jebbit brings the flexibility of a mobile-first experience, combined with robust declared data storage and activation.
Jebbit’s technology will add to Snapchat’s marketing solutions by providing a mobile-first content experience that captures declared data directly from consumers.
For some quick background: declared data is provided by consumers as they engage, and as a result gives brands accurate insights into their audience’s intents, preferences and motivations. Ultimately, advertisers will be able to activate that data on Snapchat via the creation of Snap audience match lists and audience segmentation.
Jonathan Lacoste, Jebbit president and co-founder, commented:
Snap, Inc. values true mobile solutions for their advertisers, and we’re thrilled to formalize this key strategic partnership. The war for consumer attention has never been more hotly contested and Snapchat has proven to sustain it above and beyond other networks. Our own customers who use a combination of Snapchat media and Jebbit experiences see a 118% higher lead capture rate than when using other social networks.
Although this seems to be a step in the right direction for this struggling firm, investors sent the shares lower. Shares of Snap were last seen down about 4% at $13.60, with a consensus analyst price target of $14.74 and a 52-week range of $11.28 to $29.44.