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Social media company Snap (SNAP), the owner of Snapchat, has seen better days. SNAP stock is down a whopping 90% from all-time highs set back in 2021, as it has lost ground to TikTok and to Meta Platforms’ (META) Facebook, Instagram, and Threads.
However, the company has now announced a $400 million deal with Perplexity AI while simultaneously reporting third-quarter results that were better than expected. SNAP stock jumped 15% on the news, although it’s still badly dragging the market so far this year.