New Street Research - Snap Inc. Class A (SNAP) Snap, Inc. (Buy, TP: $12) SNAP 4Q22 Flash: 1Q23 Outlook Misses, But Suggests Revenue is Troughing in the Quarter

Report

New Street Research

Dan Salmon

EUR 8824.00 For Business Accounts Only

Snap, Inc. (Buy, TP: $12) SNAP 4Q22 Flash: 1Q23 Outlook Misses, But Suggests Revenue is Troughing in the Quarter

1Q23 guidance missed on all metrics, but the revenue outlook of -10% to -2% vs -7% QTD suggests growth should trough during 1Q. No comment on time spent on content in U.S. in the letter and investors will view this negatively. Silver lining: time spent still grew globally and 300M Snapchatters use the SNAP Map monthly. Still no timeline for Spotlight monetization, but total time spent watching Spotlight content grew over 100% year-over-year.

01/02/2023 1 EN

Underlying

Snap Inc. Class A

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.

See profile

US83304A1060 New York Stock Exchange United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Dan Salmon

Other Reports on these Companies

New Street Research

Tariff Impact Part III: The other shoe drops – lower company estimates and targets

Yesterday, we lowered estimates for eCommerce and digital ad spending HERE. In this report, the other shoe drops and we lower estimates and targets across our coverage.

EUR 8824.00

April 23, 2025 April 23, 2025 1 EN

SmartInsider

Snap Inc: 1 director

A director at Snap Inc sold/gave away 1,301,240 shares at 0.000USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of...

Free Trial

March 14, 2025 March 14, 2025 1 EN

New Street Research

Snap Inc. (SNAP, Buy, $16 target) 4Q24 Model Update (Buy, target lowered to $16 from $17)

Our target declines to $16 from $17 owing to lower estimates, partially offset by a higher valuation owing to growing long-term revenue potential after SNAP’s advertiser base doubled in 2024, while Snapchat+ continues to layer in a more predictable subscription revenue stream.

EUR 8824.00

February 7, 2025 February 7, 2025 1 EN

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

Net adds missed estimates, but the miss was less severe than some might have feared following Comcast’s results. Importantly, adds in existing markets improved year-over-year. EBITDA growth was 3.5% after adjusting for a one-time benefit. This was well ahead of expectations. Estimates for EBITDA and FCF will likely increase for the year. Repurchases are back, and the Company seemed to reaffirm a leverage target of 4.25x. Repurchase estimates should increase too with higher EBITDA and FCF.

EUR 8824.00

14m 14m 1 EN

Blair Levin

Blair Levin

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Secretary of Defense Hegseth continues to struggle in controlling the narrative about his leadership, leading to reports that the White House is looking for a replacement (which the White House denies.) In this note we analyze the implications of those struggles for the key spectrum battle involving the Department of Defense (DoD) and the wireless industry.

EUR 8824.00

1h / 10m 1h / 10m 1 EN

Chris Hoare

Chris Hoare

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Megacable has reported a decent set of Q1 results. Revenue came in a touch below expectations while EBITDA came in a touch above. Financial and KPI trends slowed this quarter but remained solid across the board

EUR 8824.00

1h / 42m 1h / 42m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Snap, Inc. (Buy, TP: $12) SNAP 4Q22 Flash: 1Q23 Outlook Misses, But Suggests Revenue is Troughing in the Quarter

Tariff Impact Part III: The other shoe drops – lower company estimates and targets

Snap Inc: 1 director

Snap Inc. (SNAP, Buy, $16 target) 4Q24 Model Update (Buy, target lowered to $16 from $17)

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe