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Illustration: Axios Visuals

Snapchat's parent company has had a bumpy ride through a series of product and corporate setbacks in 2018. But now it's slowly making a comeback.

Why it matters: Snap's story is yet another example of the harsh realities of going public and facing comparisons to expansive rivals—in this case, Facebook. Now that Snap is regaining momentum, investors' enthusiasm for the company's long-term potential is also creeping back.

Driving the news: Snap surprised Wall Street Tuesday with better-than-expected second quarter earnings results, proving that its efforts to expand globally are working.

  • The company added 13 million new daily active users last quarter, and increased the amount of revenue it made per user by 37% year over year. That marked the second quarter in a row that Snapchat posted user growth, after losing users last year.
  • Analysts were already anticipating strong growth, with many having upgraded Snap's stock ahead of the earnings report, but a 12% bump in Snap's stock price following the announcement shows that investors are bullish on Snap's forward outlook.

Between the lines: Among the slew of news the company discussed on Tuesday's earnings call, three points stood out as priorities for the company:

  1. AR: Snap is seeing positive momentum in its suite of creative tools, particularly its augmented reality product called Lenses. Snapchat estimates that a whopping 7 to 9 million of its 13 million new users joined the app because of the face swap filters.
  2. Discover: Snap says its content audience increased 35% year-over-year and that total daily time spent watching shows on its content platform Discover increased by over 60% year-over-year.
  3. Snap kit: Snapchat only recently unveiled its software kits, which let third-party developers integrate Snapchat tools and features into their apps. Snap says that 11 apps created by its partners are currently in the Top 100 of the iOS App Store and Google Play Store.

The big picture: Tuesday's outcome shows renewed investor optimism about Snap's prospects.

  • The company narrowed its quarterly losses to $255 million from $353 million this time last year, and also beat analyst expectations of its losses.
  • One of Snapchat's social media rivals, Twitter, faced similar challenges in its early years as a public company, but has now been profitable for the past six quarters.

Yes, but: Snapchat still has a long way to go to convince investors that it has the growth potential of rival apps like Facebook-owned Instagram, which already has more than 1 billion users globally, or even Chinese-owned karaoke app TikTok, which reportedly crossed the 1 billion mark for worldwide installs in February.

Go deeper: Snap stock price up after beating Q2 analyst expectations

Go deeper

Biden to sign voting rights order to mark "Bloody Sunday" anniversary

President Biden will sign an executive order today, on the 56th anniversary of "Bloody Sunday," meant to promote voting rights, according to an administration official.

Why it matters: The executive order comes as Democrats face an uphill battle to pass a sweeping election bill meant, in part, to combat a growing number of proposals introduced by Republicans at the state level that would restrict voter access.

Updated 5 hours ago - World

In photos: Pope Francis spreads message of peace on first trip to Iraq

Pope Francis waving as he arrives near the ruins of the Syriac Catholic Church of the Immaculate Conception (al-Tahira-l-Kubra), in the old city of Iraq's northern Mosul on March 7. Photo: Vincenzo Pinto/AFP via Getty Images

Pope Francis was on Sunday visiting areas of northern Iraq once held by Islamic State militants.

Why it matters: This is the first-ever papal trip to Iraq. The purpose of Francis' four-day visit is largely intended to reassure the country's Christian minority, who were violently persecuted by ISIS, which controlled the region from 2014-2017.

Cuomo faces fresh misconduct allegations from former aides

New York Gov. Andrew Cuomo during a February press conference in New York City. Photo: Seth Wenig/Pool/AFP via Getty Images

The office of New York Gov. Andrew Cuomo (D) was on Saturday facing fresh accusations of misconduct against his staff, including further allegations of inappropriate behavior against two more women. His office denies the claims.

Driving the news: The Washington Post reported Cuomo allegedly embraced an aide when he led the U.S. Department of Housing and Urban Development and that two male staffers who worked for him in the governor's office accused him of routinely berating them "with explicit language."