Shares of Snap closed up 44 percent on their trading debut on Thursday, a strong start that could revive a moribund market for new stocks. What Snapchat Users Told Us About Why They Use the AppThe shares opened on the New York Stock Exchange at $24, up from the initial public offering price of $17 a share. Snap was the most heavily traded stock in the United States on Thursday, with more than 216 million shares changing hands, according to Reuters. The parent company, Snap, reported a loss of $514 million last year, compared with a loss of $373 million in 2015. The company reported revenue of $404 million for 2016, and it has said that sales could reach $1 billion this year.

Source: New York Times March 02, 2017 16:39 UTC