Snapchat's abrupt redesign last year led to downgrades on Wall Street.
New data from analytics firm comScore and cited in a Goldman Sachs note show an uptick in unique Snapchat visitors in March compared to both the previous month as well as the previous year. As shown below, growth has stalled in recent months, so the uptick will be welcome news for discouraged investors as well as potential advertisers.
Here's how the numbers compare to previous months:
The redesign, which rolled out beginning in November 2017, prompted a downgrade from Citigroup, and warnings from other firms including Barclays and Jefferies. Parent company Snap maintained the refresh was about separating "the social from the media" and making the app easier to use for newcomers.
Still, Goldman Sachs remains bullish on the stock, with a price target of $23 — about 56% above where shares were trading early Monday around $14.75.
Shares of Snap have gained just 0.03% since the beginning of 2018. The company is scheduled to report earnings on May 1.