Snap jumps as Instagram pulls plug on standalone messaging app
(Adds company response, updates stock movement)
** Snapchat parent Snap Inc shares jump over 8% to
** Facebook Inc says it will shut down the standalone
Instagram direct messaging application called "Direct",
according to a report https://techcrunch.com/2019/05/16/rip-instagram-direct-app
** Report says Facebook in the coming month will shut down
"Direct", which it was testing to rival Snapchat on iOS and
** An Instagram spokesperson says, "We're rolling back the
test of the standalone Direct app"
** The move is a part of FB's strategy to simplify and
consolidate most of its apps on to a single platform
** Instagram was not immediately available for a Reuters'
request for comment
** According to TechCrunch, Facebook will channel all
developments and activity into the direct messaging feature of
the main Instagram app
** SNAP shares have more than doubled this year, while
Facebook has gained ~43% YTD
(Reporting by Shreyashi Sanyal in Bengaluru)
First Published: 2019-05-16 08:48:17
Updated 2019-05-16 21:16:30
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