Snap Inc. (SNAP, Buy, $20 target) Quick Thoughts Ahead of the Call
What’s New: In this brief note we touch on:1. What to listen for on the call
2. 4Q23 results in-line with guidance, 1Q24 guidance below NSR, in-line with consensus
3. DAUs growth remains strong, North America time spent flat y/y
4. Latest on Snapchat+
5. Latest on My AI
6. Latest on AR
7. Infrastructure per DAU
8. Free Cash Flow, Buybacks and Balance Sheet
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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