US stocks stalled before the bell on Thursday as concerns about Big Tech continued to dog markets and a Supreme Court hearing fed hopes for a shift in President Trump's aggressive tariff push. Futures on the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) wobbled around the flat line. Contracts on the tech-heavy Nasdaq 100 (NQ=F) were also little changed on the heels of Wednesday's comeback for major US gauges, fueled by upbeat jobs data and a revival in tech stocks. A rebound in AI-linked na ...

US stocks edged higher before the bell on Thursday as concerns about Big Tech continued to dog markets and a Supreme Court hearing fed hopes for a shift in President Trump's aggressive tariff push. Futures on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) both moved up roughly 0.2%. Meanwhile, Dow Jones Industrial Average futures (YM=F) were little changed on the heels of a comeback for stocks that was also fueled by surprise growth in jobs. A rebound in AI-linked names on Wednesday also helped ...

Snap 于周三发布第三季度财报后，股价涨幅一度高达25%。 财报显示其营收超出分析师预期，且公司宣布了一项5亿美元的股票回购计划。每股收益：亏损 6 美分；营收：15.1 亿美元，高于 14.9 亿美元预期；全球 日活跃用户数：4.77 亿，高于财经数据平台 StreetAccount 统计的 4.76 亿预期；全球每用户平均收入（ARPU）：3.16 美元，高于 StreetAccount 统计的 3.13 美元预期。Snap 同时宣布，将与初创企业 Perplexity AI 达成合作，Perplexity 将在 1 年内通过现金与股权结合的方式向 Snap 支付 4 亿美元。 ...

Core Insights - Snap's stock surged 25% after announcing a partnership with Perplexity to integrate its AI-powered answer engine into Snapchat, with Perplexity paying Snap $400 million over one year [1][2] - The integration aims to enhance user experience for Snapchat's nearly 1 billion monthly active users by providing a new way to ask questions and explore topics [2][3] - Snap reported a 10% increase in revenue to $1.51 billion in Q3, driven by improved advertising demand, and anticipates Q4 sales between $1.68 billion and $1.71 billion [4][5] Partnership Details - Perplexity will appear in Snapchat's Chat interface starting in early 2026, allowing users to receive conversational answers from credible sources [2][3] - The partnership is seen as a step towards making Snapchat a platform for leading AI companies to connect with its global community [3] User Growth and Financial Performance - Snapchat added 34 million daily active users in Q3, reaching a total of 477 million [4] - The company reported narrowed net losses and expressed confidence in long-term growth due to its focus on performance and creativity [5]

Financial Data and Key Metrics Changes - Total revenue increased by 10% year-over-year to $1.51 billion, driven by improved advertising demand and the expansion of direct revenue streams [5][30] - Advertising revenue reached $1.32 billion, up 5% year-over-year, with direct response advertising revenue increasing by 8% year-over-year [30][31] - Net loss reduced by more than 30% year-over-year to $104 million, reflecting progress toward sustained profitability [7][36] - Adjusted EBITDA was $182 million, with adjusted EBITDA margins expanding to 12% [7][35] Business Line Data and Key Metrics Changes - Other revenue, including Snapchat Plus subscription revenue, increased by 54% year-over-year to $190 million [5][30] - Direct response advertising revenue growth was driven by strong demand for pixel purchase and app purchase optimizations, particularly from small and medium-sized business clients [30][31] - The North America large client solutions business experienced a modest decline, while the SMB advertising business grew over 25% [31][64] Market Data and Key Metrics Changes - Advertising revenue growth accelerated in Europe and the rest of the world, with Europe growing by 12% and the rest of the world by 13% year-over-year [31][32] - North America accounted for approximately 43% of total global revenue, decreasing as a share of total revenue by roughly 10 percentage points over the past two years [32] - Global impression volume grew approximately 22% year-over-year, although total eCPMs decreased by about 13% due to increased inventory from Sponsored Snaps [33] Company Strategy and Development Direction - The company aims to reach 1 billion monthly active users globally, with a focus on enhancing user engagement through new features and conversation starters [4][15] - Investments in augmented reality and generative AI are central to the company's long-term strategy, with significant user engagement in AR experiences [15][16] - The company is recalibrating investments in community growth and cost structures to improve financial efficiency [12][13] Management's Comments on Operating Environment and Future Outlook - Management anticipates potential declines in daily active users in Q4 due to internal and external factors, including regulatory changes and age verification initiatives [15][56] - The company remains committed to improving monetization efficiency and ensuring compliance with evolving regulations [15][56] - Management expressed confidence in the long-term growth potential, supported by a robust balance sheet and cash flow generation [37] Other Important Information - The company has authorized a new share repurchase program of $500 million to manage share count for long-term shareholders [40] - A partnership with Perplexity AI will integrate conversational search into Snapchat, expected to enhance user experience and generate revenue starting in 2026 [29][44] Q&A Session Summary Question: On the Perplexity partnership, is the cash stock split already determined? - Management indicated that the cash and stock split for the Perplexity partnership is not finalized and will depend on future developments [42][44] Question: How do you see Snap's role evolving as a distribution channel? - Management highlighted the opportunity to distribute AI agents through the chat interface and Sponsored Snaps, enhancing customer experiences [50][52] Question: Can you provide an update on direct response advertising growth? - Direct response revenue grew by 8% year-over-year, with strong performance in Europe and the rest of the world, while North America lagged [60][63] Question: What is the conviction level on keeping infrastructure costs flat next year? - Management expressed confidence in maintaining flat infrastructure costs through improved capacity utilization and cost structure optimization [66][67] Question: What is the latest thinking on Spectacles and potential financial partners? - Management did not provide specific updates on financial partnerships but emphasized the advanced AR software stack and its potential [69]

Financial Data and Key Metrics Changes - In Q3 2025, total revenue increased by 10% year-over-year to $1.51 billion, driven by improved advertising demand and the expansion of direct revenue streams [5][29] - Advertising revenue reached $1.32 billion, up 5% year-over-year, primarily due to growth in direct response advertising revenue, which increased by 8% year-over-year [29][30] - Adjusted EBITDA was $182 million, an improvement of $50 million compared to the prior year, with a net loss reduced by over 30% year-over-year to $104 million [6][36] - Free cash flow was $93 million in Q3, with a total of $414 million over the trailing 12 months [6][37] Business Line Data and Key Metrics Changes - Direct response advertising revenue increased by 8% year-over-year, with strong demand from small and medium-sized business customers [5][29] - Other revenue, including Snapchat Plus subscription revenue, surged by 54% year-over-year to $190 million [5][29] - The community reached 477 million daily active users, an increase of 34 million or 8% year-over-year [4] Market Data and Key Metrics Changes - Advertising revenue growth in Europe accelerated to 12% year-over-year, while the rest of the world saw a 13% increase [30] - North America advertising revenue grew only 1% year-over-year, with the SMB segment growing over 25% [30][31] - Global impression volume grew approximately 22% year-over-year, although total eCPMs decreased by about 13% due to increased inventory [32] Company Strategy and Development Direction - The company aims to reach 1 billion monthly active users globally and is focusing on enhancing user engagement through new features and conversation starters [4][7] - Investments in augmented reality and AI are prioritized, with plans to introduce new monetization tools and premium offerings [5][20] - The strategy includes recalibrating investments in community growth and optimizing cost structures to improve financial efficiency [11][12] Management's Comments on Operating Environment and Future Outlook - Management anticipates potential declines in daily active users in Q4 due to regulatory changes and internal initiatives [13] - The company remains committed to long-term growth despite short-term engagement headwinds, focusing on monetization efficiency and compliance with regulations [12][13] - Future revenue guidance for Q4 is set between $1.68 billion and $1.71 billion, implying year-over-year growth of 8%-10% [37] Other Important Information - The company has approximately $3 billion in cash and marketable securities, providing financial flexibility for future investments [6][37] - A new share repurchase program of $500 million has been authorized to manage share count for long-term shareholders [39] Q&A Session Questions and Answers Question: On the Perplexity partnership, is the cash stock split already determined? - Management expressed excitement about the Perplexity partnership, emphasizing its potential to enhance Snapchat's role as a messaging service and the unique opportunity to distribute AI agents through the chat interface [41][43] Question: Should we presume that the reason for the leverage in cost of revenue is due to not paying out to content owners? - Management clarified that the improvement in gross margins is attributed to a mix shift towards higher-margin ad formats like Sponsored Snaps and Spotlight, which have lower associated costs [42][46] Question: How do you see Snap's role evolving as a distribution channel? - Management highlighted the opportunity to open up the chat interface to more AI agents and conversational commerce experiences, indicating a strategic focus on enhancing customer engagement through these channels [47][49] Question: Could you talk about your conviction level on keeping infrastructure costs flat next year? - Management indicated a strong focus on improving capacity utilization and efficiency in infrastructure costs, aiming to maintain flat costs into 2026 [60][61] Question: What is the latest thinking on Spectacles and potential financial partners? - Management is preparing for the public release of Spectacles and is considering various options to accelerate technical leadership in the AR space, including establishing a standalone subsidiary for better flexibility [63]

Financial Data and Key Metrics Changes - Total revenue increased by 10% year over year to $1,510,000,000 driven by improved advertising demand and expansion of direct revenue streams [6][35] - Advertising revenue reached $1,320,000,000, up 5% year over year, with direct response advertising revenue increasing by 8% year over year and 13% quarter over quarter [6][35] - Net loss reduced by more than 30% year over year to $104,000,000, reflecting progress towards sustained profitability [7][42] - Adjusted EBITDA was $182,000,000, an improvement of $50,000,000 compared to the prior year, with adjusted EBITDA margins expanding to 12% [7][42] - Free cash flow was $93,000,000 in Q3, contributing to a trailing twelve-month free cash flow of $414,000,000 [7][42] Business Line Data and Key Metrics Changes - Other revenue, including Snapchat Plus subscription revenue, increased by 54% year over year to $190,000,000 [6][35] - The SMB advertising business grew at a rate of more than 25% in Q3, while the large client solutions business posted a modest decline [36][75] - Global impression volume grew approximately 22% year over year, with total eCPMs down approximately 13% year over year due to increased inventory from sponsored snaps [39][40] Market Data and Key Metrics Changes - Advertising revenue growth in Europe accelerated to 12% year over year, while the Rest of World segment grew by 13% year over year [36][74] - North America advertising revenue growth lagged at 1% year over year, with the large client solutions segment accounting for approximately 43% of total global revenue [36][37] Company Strategy and Development Direction - The company aims to reach 1,000,000,000 monthly active users globally, focusing on improving average revenue per user through monetization of core products [17][32] - Investments in augmented reality and AI are prioritized, with new features and tools being introduced to enhance user experience and engagement [6][18][24] - The company is recalibrating investments in community growth and cost structures to improve financial efficiency [14][64] Management's Comments on Operating Environment and Future Outlook - Management anticipates potential declines in daily active users in Q4 due to internal and external factors, including regulatory changes and age verification implementations [17][64] - The company remains committed to long-term growth despite short-term engagement headwinds, focusing on monetization efficiency and compliance with evolving regulations [16][64] Other Important Information - The partnership with Perplexity AI is expected to enhance personalization and drive additional subscribers, with monetization from this partnership anticipated to begin in 2026 [34][51] - The company has authorized a new share repurchase program of $500,000,000 to manage share count for long-term shareholders [46] Q&A Session Summary Question: On the Perplexity partnership, is the cash stock split already determined? - Management expressed excitement about the Perplexity partnership, noting that monetization will not begin until the integration rolls out, likely in early 2026 [51][52] Question: How do you see Snap's role evolving as a distribution channel? - Management highlighted the opportunity to open up the chat interface to more AI agents and conversational commerce experiences, indicating a focus on enhancing distribution for advertisers [60][61] Question: Can you provide an update on direct response advertising growth? - Direct response revenue was up 8% year over year, with strong performance in pixel purchase demand and app optimizations, particularly in Europe and the Rest of World [72][74] Question: What is the conviction level on keeping infrastructure costs flat next year? - Management indicated a focus on improving capacity utilization and efficiency in infrastructure costs, aiming to maintain flat costs into 2026 [80][81] Question: Any updates on Spectacles and potential financial partners? - Management confirmed ongoing preparations for the public release of Spectacles, leveraging existing software and developer tools to enhance technical leadership in the AR space [85]

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Core Insights - Snap has entered a $400 million partnership with Perplexity AI to integrate its AI search engine into Snapchat, expected to launch in early 2026 [1] - The revenue from this deal is anticipated to start contributing to Snap's financials in 2026, enhancing the platform's AI capabilities and personalization [1] - CEO Evan Spiegel indicated potential for further AI partnerships, positioning Snap as a key distribution channel for intelligent agents [1] Group 1: AI Integration and Features - Snap is enhancing its generative AI capabilities, including its own LLM-powered chatbot, MyAI, which utilizes models from OpenAI, Google, and Perplexity AI [2] - The company is also developing AI-powered lenses and creation tools, contributing to the growth of its Snapchat+ subscription service [2] - Upcoming features include "AI Clips," allowing creators to generate short videos from simple prompts, although no launch date has been provided [3] Group 2: Hardware Developments - Snap plans to launch a new version of its AR glasses, called Specs, next year, with a focus on making them lighter [4] - The company is considering partnerships with hardware manufacturers and intends to establish Specs as a standalone subsidiary for greater operational flexibility [4]

Q3 2025 Earnings Slides November 5, 2025 Forward-Looking Statements & Non-GAAP Financial Measures This presentation contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and ...