A Snap Investment

Happy Hump Day.

Chinese Internet firm Tencent has taken a roughly ten percent stake in the popular messaging app, Snap, according to a report by CNBC.

Tencent runs the WeChat messaging app, as well as online payment platforms and games.

Snap shares took a beating yesterday afternoon to the tune of 20 percent in after hours trading after reporting average revenue per user was up 39 percent YOY, but failing to meet Wall Street estimates.

Tencent is one of largest Internet companies in the world, featuring a variety of services that include social networking, e-commerce, mobile games, multiplayer online games, as well as it’s well-known instant messenger Tencent QQ.

Its WeChat mobile messaging service has over 1 billion monthly active users and is known as China’s “App for Everything,” including instant messaging, commerce, and payment services.