Snap Inc. (SNAP, Buy, raising target to $17 from $16) Quick Thoughts Ahead of Thursday's Print
What’s New: Ahead of Thursday PM’s earnings report, we review key controversies for SNAP, including:1. Traction of SNAP’s direct response ad tech changes, and the trajectory of ad revenue growth.
2. Engagement levels in the North America, where deterioration is the most important risk this quarter. Also: can Global DAU growth hold +10%?
3. Flow through of the 10% headcount reduction in 1Q24, both on adjusted EBITDA margins and stock-based compensation.
4. We check in on SNAP’s non-advertising revenue and Gen AI initiatives, led by Snapchat+.
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 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.
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