Three Directors at Snap Inc sold/gave away 1,509,052 shares at between 0.000USD and 15.100USD. 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 ov...
In this report, we briefly review six current drivers of SNAP’s direct response (DR) ad revenue growth, and five that could potentially contribute more in 2024. We also preview SNAP’s NewFront presentation tomorrow night, and update our model for last week’s earnings results, which result in our target increasing to $18 from $17 due to higher estimates and a higher target valuation.
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
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 r...
Last week, in the midst of a flurry of news about legislative activity about a TikTok divestiture/ban, we published a note on the issue and then held a call with a former Senate staffer on the prospects for the legislation in the Senate and the Courts. In this note, we summarize our key points from the call, and update our analysis based on the call and subsequent news.
The Supreme Court yesterday heard arguments on a case involving laws from Texas and Florida that would classify large social media platforms as common carriers and impose “must-carry” provisions on the platforms. We previewed the arguments and the implications of potential decisions yesterday. Here, we quickly summarize our take-aways from the argument.
CBS/Paramount+ will broadcast today’s game, and many tech companies will be buyers of PARA’s advertising during it, with even more leveraging its massive audience with complimentary advertising, streaming and eCommerce opportunities. In this brief “pregame” note, we review strategies for GOOGL/YouTube, SNAP, AMZN, MSFT and others, including links to many of the in-game spots, and ad products being pushed to advertisers to augment in-game buys or on a standalone basis.
We lower our target price from $20 to $16 owing to lower estimates, partially offset by a lower 10-year rate in our DCF. We also had a chance to review the 10K and include a summary of key data points, including declines in U.S. revenue and SNAP's advertising spend.
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
In this weekend update we focus on the potential impact of two different polices; one a 40-year-old judicial doctrine giving deference to agency interpretations of the law (Chevron), and the other a three-year-old program subsidizing low-income persons to subscribe to broadband (ACP).
AI agents have become one of the first consumer use cases for generative AI from major social media and messaging platforms. As usage grows, we expect digital advertising in these experiences to grow too, as investors begin to focus more on monetization of gen AI products and investments.
Yesterday, SNAP announced that Snapchat+ had reached over 7M subscribers and rolled out several new premium features for the product, including enhancements to My AI. We raise both our Snapchat+ and advertising revenue estimates and raise our target valuation as we build conviction in revenue durability and operating leverage.
We look ahead at key events, and share our views on: 1. Black Friday and holiday weekend expectations for AMZN 2. MTCH’s Tinder begins app refresh. 3. SNAP’s new Americas Head does the rounds of digital ad trade publications. 4. New Creator tools and Achievements on META’s Instagram 5. YouTube updates AI policies 6. GOOGL’s DeepMind Launches GraphCast for weather.
In our latest edition, we have a new section highlighting key events for the US Internet sector in the coming weeks. We also share our views on: 1. How impactful could AWS’ EC2 Capacity Blocks for ML be? 2. How much traction will META’s ad-free subscriptions get in the EU? 3. What’s next for NFLX ads after hitting 15M MAUs? 4. Why GOOGL Other Bet Isomorphic Labs’ AlphaFold models bear watching.
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