Report
EUR 9284.00 For Business Accounts Only

Snap Inc. (SNAP, Buy, $17 target) Everything works for the ad business

What’s New: In this first take following tonight’s results, we touch on:
1. Broad-based ad growth, and 85% SMB advertiser growth sticks out
2. Engagement metrics hold steady, keeping the biggest risk to the stock at bay
3. Snapchat+ now at 9M subscribers, nicely ahead of our 8.6M estimate for 1Q24
4. My AI and generative AI features lightly highlighted
5. 2024 non-GAAP expense guidance also given for the first time.
6. Timely share repurchases continue as SNAP better manages the share count
Underlyings
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.

Snap-on Incorporated

Snap-on is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions. Products and services include hand and power tools, tool storage, diagnostics software, handheld and PC-based diagnostic products, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, such as aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. The company also provides financing programs designed to facilitate the sales of its products and support its franchise business.

Provider
New Street Research
New Street Research

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Analysts
Dan Salmon

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