Snap Inc. (SNAP - Free Report) has released an update to its Snapchat app with a new linking feature called Paperclip, which allows users to add web links to their snaps. The updated app is now available globally on all iOS and Android devices.
Reportedly, Snapchat's new Paperclip function lets users add outbound links to external websites through their Stories and snaps with friends, by tapping a little paperclip icon located in Snapchat's vertical toolkit. Users need to swipe up to access the link through Snapchat’s internal browser. Previously, the feature was only available to ad campaigns and Snapchat Discover content.
Notably, Facebook Inc.'s (FB - Free Report) Instagram started allowing users to add links to their Stories in Nov 2016, but the feature is only available for verified accounts. It is worth mentioning that Instagram Stories was recently reported to have amassed 250 million users.
Snapchat also introduced other new "creative tools” to upgrade snaps — backdrops for adding illustrated backgrounds to photos, and voice filters for altering voice without an animated lens.
Snap's Backdrops tool will let users to crop objects in their photos and place them in front of custom backgrounds, using the scissors icon. Snapchat has several preset designs available, such as fire emojis or strawberries. The selection will rotate daily like regular Snapchat filters.
Voice filters allow users to modify the sound of their voice in various different styles. After recording a video, tapping the speaker icon will let users preview and change the sound.
Additionally, the update also adds the Geofilter feature on the Android version. Launched in 2014, Snapchat’s geofilters are location tags that could be superimposed on photos and video posts. Users can now create their own “On-Demand Geofilters” for life events like wedding or graduation.
Snap is striving to boost user base and win over investors‘ confidence. Accordingly, Snapchat has been adding plethora of new features throughout the last few months, as it continues to face fierce competition from Facebook’s Instagram.
However, critics have expressed widespread concern over Snapchat's latest geo-location feature, Snap Maps, for exposing the location of its users which can be potentially detrimental to their safety.
Zacks Rank & Share Price Movement
At present, Snap carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Since Mar 2, the company’s shares have declined 29.3% against the Zacks categorized Internet - Software industry’s gain of 18%.
Stocks to Consider
Better-ranked stocks in the broader tech space include Quantum Corp. and Marvell Technology Group Ltd. (MRVL - Free Report) , both sporting a Zacks Rank #1.
Quantum and Marvell have delivered average positive earnings surprise of 43.75% and 86.70%, respectively in the trailing four quarters.
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