Snap’s Magic Act

Heard on the Street: Snap had a monster second quarter, but the problem with popularity in social media is that it can be fleeting

Snap Inc.’s monster second quarter should fuel its newly favored stock. But the problem with popularity in social media is that it can be fleeting—especially when it comes to an app notorious for disappearing content.

On Tuesday, Snap reported second-quarter revenue of $388 million, handily topping Wall Street’s projection of $360 million. Most notably, the Snapchat parent added 13 million daily active users during the quarter, eclipsing the 2 million additions analysts expected. It also was Snap’s best growth rate in three...

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