Snap Shares Jump 5.9% on Illumix Deal and S&P Upgrade to BB-

1 articles · Updated · AskTraders · Jun 4

$6.07 was Snap’s closing price Thursday after the stock rose 5.9%, with investors responding to an Illumix acquisition and an S&P credit upgrade.
Illumix’s technology and most of its staff will be folded into Snap’s Specs smart-glasses effort, which Snap carved out as “Specs Inc.” in January and plans to update on June 16.
S&P raised Snap’s issuer rating one notch to BB- from B+ with a positive outlook, citing lower leverage, stronger free cash flow and a plan for more than $500 million in annualized cost cuts in 2026’s second half.
The moves build on a strong first quarter: revenue rose 12% to $1.53 billion and adjusted EBITDA jumped 116% to $233 million, reinforcing Snap’s push to pair financial improvement with longer-term AR expansion.