Snapchat, the photography-focused app, reached 500 million monthly active users, parent Snap (SNAP) – Get Report said Thursday, as the company entered a partnership with online retailer Poshmark (POSH) – Get Report.
At last check, shares of Snap were up 5.3% to $56.73, while Poshmark was nearly 10% higher at $38.68.
“[Nearly] one of every two smartphone users in the U.S. is on Snapchat,” Chief Executive Evan Spiegel said in opening Snap’s partner summit, according to Yahoo Finance.
Spiegel said that roughly 40% of the user base is now located outside North America and Europe.
Meanwhile, Poshmark said it was partnering with Snap to launch Poshmark Mini.
Snapchat users in the U.S. will be able to use the Poshmark Mini in three different ways: Shop Virtual Posh Parties, Shop Poshmark’s Entire Catalogue, and Shop Top-Selling Brands.
This partnership “allows us to create more engaging, dynamic and personalized shopping experiences everywhere consumers are,” Steven Tristan Young, Poshmark’s chief marketing officer, said in a statement.
In 2018, Poshmark became one of the first to partner with Snap Kit, enabling Poshmark users to share and sell their listings through Snapchat.
Snap is also partnering with Disney (DIS) – Get Report to bring augmented reality to the Walt Disney World resort in Orlando with new Snap lenses. The My Disney Experience will help guests manage their visits.
In addition, Snapchat unveiled a series of augmented reality tools. One is Scan, which enables Snapchatters to search through millions of lenses by matching what is seen through the camera to the most relevant AR experiences on Snapchat.
The company also said it would launch Story Studio, a stand-alone app later this year. The new app has video-editing tools to help users make professional-level content for mobile.
Earlier this month, Poshmark reported a wider first-quarter loss per share on 42% higher revenue. Analysts downgraded the company after Poshmark offered disappointing second-quarter guidance.
Last month, Snap beat Wall Street’s first-quarter expectations as the company reported a surge in daily active users. The results prompted several analysts to lift their one-year price targets.
