Shares in Snap are back above $20 after revealing a brand new feature for the now much copied Snapchat app.
Fresh from an Easter weekend debacle, shares were up as much as four per cent as markets opened after announcing World Lenses, bringing its selfie filter features to any image.
Alleged comments made by the newly public tech firm's chief executive Evan Spiegel had sent shares slipping under the $20 mark on Monday for the fourth time since listing. Snapchat was forced to respond that it's "for everyone" after a lawsuit claimed Spiegel had said the app was "only for rich people".
According to the suit filed by a former employee, the boss allegedly said “I don’t want to expand into poor countries like India and Spain" in a meeting. This has led to some in India, where it has around four million users, boycotting the app. Snapchat called the claims "ridiculous".
The company today announced a new feature that brings the fun features familiar to Snapchat's selfies to any picture taken. The lenses which add cartoon rainbows and puppy dog ears to photos can now be used for photos and videos taken with the rear camera of a smartphone.
The development signals a further move into augmented reality as rivals, in particular Facebook, have sought to copy such innovative features that brought Snapchat to global fame.
World Lenses come ahead of Facebook's F8 conference where founder Mark Zuckerberg is expected to show off the latest developments it has planned for the company. Last year chatbots were a major focus.
Facebook last week announced that it has now clocked up more than 200m users for Instagram Stories, widely seen as a Snapchat clone, pulling ahead of Snap's 158m.