Snap rises on report of CEO’s profitability goal for 2019

Technology

** Snapchat-owner’s shares up ~4 pct at $8.10 in premarket, showing signs of recovery after touching their all-time low on Thursday

FILE PHOTO: A logo of Snap is displayed on a monitor above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., December 5, 2017. REUTERS/Lucas Jackson

** CEO Evan Spiegel aims to achieve full-year profitability in 2019 by betting on older users, revamped marketing, online news service Cheddar reports, citing a memo

** Co says it would also better serve emerging markets users with its forthcoming redesign of its Android app – memo

** On Thursday, analysts raised concerns over user declines and competitive threats from Instagram

** Daily Snapchat users fell for the first time in Q2 ended August

** As of Thursday’s close, SNAP shares have nearly halved in value and have traded under their $17 debut price since March

Reporting by Shreyashi Sanyal in Bengaluru

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