Snap stock up more than 20% in a week amid efforts to find new uses for Snapchat

Snap Inc. shares have jumped more than 20% in the past week as the company attempts to move Snapchat beyond messaging. Shares of Snap SNAP, +5.89% gained 5.9% Wednesday trading after a report from The Information detailed the company’s plans for new e-commerce tie-ins on the Snapchat app. The stock is now up 21% over the past five trading sessions, as the company continues its efforts in recent months to find new uses for its popular mobile app. Snap reportedly acquired the startup behind Screenshop, an app that lets people identify and purchase items they see in photos, in a deal last year, according to a Wednesday report. Screenshop’s technology could help Snap with it plans to deliver shopping recommendations to users based on their saved photos, an initiative the company intends to discuss at its May developer conference, per the report. A spokesperson from Snap declined to comment on the company’s e-commerce ambitions or whether it had purchased Screenshop. Snap has been looking to differentiate its app and also drive users toward features beyond messaging, a staple of Snapchat but a function that has somewhat limited revenue potential. The company has been looking to acquisitions as it expands it…
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