We're in the thick of the Q2 earnings season, and we're finally getting to see the impacts that tariffs and the challenged macroeconomy are having on actual business results: and in many cases, the results aren't as pretty as the highflying stock market Analyst's Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not re ...

Group 1: Earnings Reports Impact - Several technology stocks experienced significant declines in after-hours trading, with Supermicro falling over 16%, Snap dropping over 14%, and AMD decreasing over 6% due to disappointing earnings reports [1][2] - Supermicro's Q4 FY2025 net sales were $5.76 billion, below analyst expectations of $6.01 billion, with a gross margin of 9.6%, lower than the anticipated 10% [2] - Snap reported Q2 sales of $1.345 billion, slightly below the expected $1.35 billion, and a net loss of $262.6 million, compared to a loss of $248.6 million in the same period last year [3] - AMD's Q2 revenue grew 32% year-over-year to $7.7 billion, exceeding expectations, but adjusted EPS was $0.48, below the forecast of $0.49 [3][4] Group 2: Market Reactions and Economic Indicators - The overall U.S. stock market saw a decline, with the Dow Jones down 0.14%, S&P 500 down 0.49%, and Nasdaq down 0.65%, with over 4,700 stocks falling [5] - The ISM services PMI for July was reported at 50.1, below the expected 51.5, indicating near stagnation in service sector growth [7] - The employment sub-index fell to 46.4, the lowest since the pandemic, indicating increased layoff pressures, while the prices index rose to 69.9, suggesting rising inflationary pressures [8] - Recent tariff announcements by President Trump, including a potential 250% tariff on imported drugs and upcoming tariffs on semiconductors, have negatively impacted market sentiment [8]

本文源自：金融界AI电报 Snap(SNAP.US)夜盘暴跌近15%，报8.01美元。消息面上，Snap公布财报显示，第二季度营收13.4亿美 元，同比增长9%，低于市场预估的13.5亿美元；第二季度净亏损扩大至2.63亿美元，每股亏损16美仙， 低于市场预期；第二季度调整后EBITDA为4130万美元，低于市场预估的4870万美元。 Snap预计第三季 营收将在14.75亿-15.05亿美元之间，高逾预期的14.75亿美元；预计调整后EBITDA将在1.1亿-1.35亿美 元之间，其中值1.225亿美元高于市场预期的1.16亿美元。 ...

全球日活跃用户数为4.69亿，略高于预期的4.67亿。全球每用户平均收入为2.87美元，低于预期的2.90美 元。 Snap第二季度每股亏损0.16美元。第二季度营收为13.4亿美元，略低于预期的13.5亿美元，同比增长 9%。 公司预计第三季度营收将在14.75亿至15.05亿美元之间，高于预期的14.75亿美元。预计第三季度日活跃 用户将达到4.76亿，与华尔街的预测基本一致。 ...

智通财经APP获悉，主打"阅后即焚"即时私密主题的社交平台Snapchat开发商Snap Inc(SNAP.US)承认广告收入增长放缓，部分原因是今年早些时候其广告购 买工具出现技术问题，随后Snap Inc.股价在尾盘交易中暴跌。 该公司周二公布的第二季度销售额低于华尔街的平均预期，随后在与投资者的电话会议上表示，第一季度增长9%的广告收入目前正以3%至4%的速度增长。 今年以来已累计下跌13%的Snap股价在盘后交易时段下跌逾17%。 Snap报告称，在截至6月30日的季度中，销售额为13.45亿美元，略低于分析师预期的13.5亿美元。第三季度营收将在14.8亿至15.1亿美元之间。分析师平均预 测的销售额处于该区间的低端。 第二季度净亏损2.626亿美元，合每股16美分。上年同期亏损2.486亿美元，合每股15美分。日活跃用户增长9%，至4.69亿，超过了分析师平均预测的4.681 亿。 Snap的月度订阅产品Snapchat+拥有近1600万付费用户，高于上一季度的1500万，也高于华尔街分析师的预期。这些订阅占据了Snap"其他收入"类别的大部 分，第二季度达到1.71亿美元，增长了64%。 根据股 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to________ Commission File Number: 001-38017 __________ ...

Snap (SNAP) reported $1.34 billion in revenue for the quarter ended June 2025, representing a year-over-year increase of 8.8%. EPS of -$0.01 for the same period compares to $0.02 a year ago.The reported revenue represents a surprise of +0.66% over the Zacks Consensus Estimate of $1.34 billion. With the consensus EPS estimate being $0.01, the EPS surprise was -200%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectati ...

Core Viewpoint - Snap reported a quarterly loss of $0.01 per share, matching the Zacks Consensus Estimate, but down from earnings of $0.02 per share a year ago, indicating an earnings surprise of -200.00% [1] - The company posted revenues of $1.34 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.66% and up from $1.24 billion year-over-year [2] Group 1: Financial Performance - Snap's quarterly loss of $0.01 per share represents a significant decline compared to the previous year's earnings of $0.02 per share [1] - The company has surpassed consensus revenue estimates four times over the last four quarters, with the latest revenue figure of $1.34 billion [2] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $1.47 billion, and for the current fiscal year, it is $0.26 on revenues of $5.84 billion [7] Group 2: Market Position and Outlook - Snap shares have underperformed the market, losing about 12.1% since the beginning of the year, while the S&P 500 has gained 7.6% [3] - The Zacks Industry Rank places the Internet - Software sector in the top 32% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - The estimate revisions trend for Snap was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting expected outperformance in the near future [6]

Financial Data and Key Metrics Changes - Revenue increased by 9% year over year to reach $1,340,000,000 in Q2, driven primarily by growth from small and medium customers and lower funnel objectives [7][28] - Adjusted EBITDA was $41,000,000 in Q2 compared to $55,000,000 in Q2 of the prior year, with a net loss of $263,000,000 in Q2 compared to a net loss of $249,000,000 in the prior year [32][33] - Free cash flow was $24,000,000 in Q2, while operating cash flow was $88,000,000, with trailing twelve months free cash flow at $392,000,000 [33] Business Line Data and Key Metrics Changes - Advertising revenue reached $1,174,000,000 in Q2, up 4% year over year, primarily driven by growth in Doctor advertising revenue, which increased by 5% year over year [28][29] - Other revenue increased by 64% year over year to reach $171,000,000, with Snapchat Plus subscribers approaching 16,000,000, marking a 42% year-over-year increase [31] - Time spent on Spotlight grew by 23% year over year, contributing more than 48% of total time spent watching content [13] Market Data and Key Metrics Changes - Monthly active users (MAU) reached 932,000,000 in Q2, an increase of 64,000,000 or 7% year over year [6] - Daily active users (DAU) reached 469,000,000, an increase of 37,000,000 or 9% year over year [27] - North America MAU was flat year over year at 159,000,000, while unique SNAP senders grew by 2% year over year [27] Company Strategy and Development Direction - The company is focused on growing its community, enhancing value for advertisers, and investing in augmented reality (AR) [6][10] - A new distributed structure for engineering teams aims to better align technology investments with business priorities [10] - The introduction of Lens Plus, a new subscription tier, aims to enhance user engagement and drive revenue growth [8][31] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 related to ad platform changes and the timing of Ramadan, but expressed optimism about recovery and growth in advertising revenue [28][42] - The company anticipates continued growth in DAU and revenue, with Q3 guidance for revenue set between $1,475,000,000 and $1,505,000,000 [34] - Management emphasized the importance of building demand for new ad units like sponsored snaps, which are expected to contribute significantly to revenue growth [30][72] Other Important Information - The company has committed over $3,000,000,000 to develop a vertically integrated AR platform over the past eleven years [9] - Snapchatters engage with AR Lenses more than 8,000,000,000 times each day, highlighting the platform's strong engagement [15] - The company repurchased 30,000,000 shares at a cost of $243,000,000 in Q2 to manage the impact of stock-based compensation on share count [33] Q&A Session Summary Question: Insights on sponsored snaps and auction pricing issue - Management highlighted that sponsored snaps have driven significant growth in reach and conversions for advertisers, with early signs of positive engagement [40] - The auction pricing issue in Q2 was attributed to changes in the ad platform, which have since been reverted, leading to improved ad revenue growth [42][45] Question: Brand advertising performance - Brand advertising revenue was flat in Q2, with the majority of deceleration observed in Doctor advertising revenue [50] Question: Long-term vision for AR and specs - The company is committed to reinventing computing through AR, with a fully integrated stack that differentiates it from competitors [52][54] Question: Growth of small and medium customer base - The small and medium customer segment was the largest contributor to ad revenue growth in Q2, with improvements in ad products and automation driving strong results [81] Question: Reception of Lens Plus and growth potential - Early reception of Lens Plus is positive, with expectations that exclusive Lenses will drive significant growth [86]

Financial Data and Key Metrics Changes - Revenue increased by 9% year over year to reach $1,340,000,000 in Q2 2025, driven primarily by growth from small and medium customers and performance advertising [6][25] - Adjusted EBITDA was $41,000,000 in Q2 2025, compared to $55,000,000 in Q2 2024, reflecting a decline in profitability [30] - Net loss was $263,000,000 in Q2 2025, compared to a net loss of $249,000,000 in Q2 2024 [30] - Free cash flow was $24,000,000 in Q2 2025, with a trailing twelve months free cash flow of $392,000,000 [31] Business Line Data and Key Metrics Changes - Advertising revenue reached $1,174,000,000 in Q2 2025, up 4% year over year, primarily driven by growth in Doctor advertising revenue [25][26] - Other revenue increased by 64% year over year to reach $171,000,000, with Snapchat Plus subscribers approaching 16,000,000 [28] - Spotlight time spent grew 23% year over year, contributing more than 48% of total time spent watching content [11] Market Data and Key Metrics Changes - Monthly active users (MAU) reached 932,000,000 in Q2 2025, an increase of 64,000,000 or 7% year over year [5] - Daily active users (DAU) reached 469,000,000, an increase of 37,000,000 or 9% year over year [25] - North America MAU was flat year over year at 159,000,000, while unique Snap senders grew by 2% [25] Company Strategy and Development Direction - The company is focused on growing its community, enhancing value for advertisers, and investing in augmented reality (AR) [5][7] - A new distributed structure for engineering teams aims to align investments with business priorities [8] - The introduction of Lens Plus, a new subscription tier, aims to enhance user engagement and drive revenue growth [6][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 related to ad platform changes and the timing of Ramadan, but expressed optimism about recovery and growth in advertising revenue [26][40] - The company anticipates continued growth in DAU and revenue in Q3, with guidance for revenue between $1,475,000,000 and $1,505,000,000 [32] Other Important Information - The company has committed over $3,000,000,000 to develop a vertically integrated AR platform over the past eleven years [7] - The introduction of new tools and features for creators aims to enhance content creation and engagement on the platform [11][15] Q&A Session Summary Question: Could you talk about the early performance of sponsored snaps and the auction pricing issue? - Management highlighted that sponsored snaps have driven significant growth in reach and conversions, with users showing higher engagement rates [38] - The auction pricing issue was attributed to changes in the ad platform, which have since been reverted, leading to improved ad revenue growth [40][43] Question: What is the current state of brand advertising revenue? - Brand advertising revenue was flat in Q2, with the majority of deceleration seen in Doctor advertising revenue [48] Question: How does Snap's approach to AR differ from competitors? - Management emphasized Snap's long-term commitment to AR and its fully integrated stack, which allows for a unique product experience [52] Question: What initiatives are in place to reaccelerate U.S. DAUs? - The company is focusing on enhancing communication features and launching new products to inspire user engagement [70] Question: What is the outlook for Spotlight monetization? - Spotlight revenue is becoming a more significant part of overall revenue, with ongoing experiments to improve monetization [66]