Snap Inc. (SNAP, Buy, $16 target) Takeaways from the Partner Summit and CEO/CFO Meeting
SNAP hosted its 6th annual Partner Summit yesterday, and we attended in person, including meeting with CEO Spiegel and CFO Anderson.In this note, we review the implications for the broader investment thesis, particularly the short and long-term impact of redesigning the app,
combined with new ad load across the Map and Chat inbox (as well as a potential TikTok ban in the US).
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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