May 16, 2019 / 3:03 PM / a year ago

BUZZ-Snap jumps as Instagram pulls plug on standalone messaging app

** Snapchat parent Snap Inc jumps 7% to $11.40 in early trading

** Facebook Inc says it will shut down the standalone Instagram direct messaging application called "Direct", according to a report here from TechCrunch

** Report says Facebook in the coming month will shut down “Direct”, which it was testing to rival Snapchat on iOS and Android

** The move is a part of FB’s strategy to simplify and consolidate most of its apps on to a single platform

** Instagram was not immediately available for a Reuters’ request for comment

** According to TechCrunch, Facebook will channel all developments and activity into the direct messaging feature of the main Instagram app

** SNAP shares have more than doubled this year, while Facebook has gained ~43% YTD (Reporting by Shreyashi Sanyal in Bengaluru)

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