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3/15/2019, 2:13 PM (Source: TeleTrader)
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Snapchat to launch gaming platform next month - report

Snap Inc. will launch a gaming platform for developers next month, online news service Cheddar reported on Friday citing sources familiar with the matter.

The platform, which is internally code named "Project Cognac," will feature a number of games from external developers that are specially designed to work in the company's Snapchat application, according to the source. The source added that the new games initiative will be unveiled at Snap's inaugural summit in Los Angeles on April 4 and that video initiatives such as more original shows would also be announced. An invitation to the event seen by Cheddar reportedly included the tagline "Less talk. More play."

Cheddar also noted that financial documents filed with the Australian government recently revealed that Snap acquired Australian gaming studio Prettygreat, which developed games such as "Fruit Ninja" and "Jetpack Joyride," for $8.6 million last year. A Snap spokesman did not comment on the story. Snap's shares soared over 12% yesterday after BTIG Research analyst Rich Greenfield upgraded the its stock from "neutral" to "buy."

Breaking the News / DZ