Snap Has Dipped Below $17 IPO Price, but Remains Fairly Valued; Maintaining $16 FVE
As we head into earnings season, we thought to highlight Snap and the difficulty it continues to have in maintaining a network effect and a competitive advantage over wide-moat Facebook. The weakening of Snap’s network effect was already evident in its first-quarter results as year-over-year growth in daily active users, or DAUs, decelerated further for this young company. Regarding the second quarter, our further tempered DAU growth expectation for the firm got some support as Facebook boasted ...Snap is a camera company. The company's primary product, Snapchat, is a camera application that helps people to communicate visually through short videos and images called Snaps. The company's products are: Camera, which includes tools for people to personalize their Snaps; Chat, which includes interacting with friends on Snapchat; Discover, which includes providing Stories and Shows from publishers, creators, and the community; Snap Map, which shows a live map of the user's location; Memories, which enables users to save the Snaps they create in a personal collection called Memories; and Spectacles, which includes creating Memories by using Spectacles, which are the company's sunglasses that make Snaps.
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