Third Quarter Earnings and Revenues Drive Snapchat Stock Up

The market witnessed a strong rise in Snapchat's stock on Thursday

following the announcement of its third-quarter earnings and revenue.

The stock climbed by more than 24%, reaching levels around $9.

The company's revenue exceeded $1.51 billion,

while analysts had projected earnings of $1.48 billion.

In a new move, Snapchat announced

a partnership with Perplexity to integrate Perplexity's search engine

into the Snapchat app.

According to recent reports, Snapchat expects its sales revenue to increase

to nearly $1.7 billion,

a strong forecast that surpasses Wall Street analysts' expectations.

Technical Outlook

From a technical perspective, regarding Snapchat's stock,

if the stock rises, we expect to see a test

of the $10.40 level, which is considered a strong resistance level.

We may see some corrections from this level.

If the resistance level is broken,

the stock is expected to continue its upward trend towards $11.70.

However, if it falls back to the $70 level,

we expect to see another rise, as this is a significant support level.

We still anticipate further upward movement from this level, 

especially if buy signals emerge.