Snap(US:SNAP) 智通财经网·2025-04-29 23:37Core Viewpoint - Snap Inc reported a slight revenue increase in Q1, but faces significant challenges due to macroeconomic headwinds from tariffs, leading to a refusal to provide revenue guidance for the current quarter [1][2][5] Financial Performance - Snap's Q1 revenue reached approximately $1.36 billion, a 14% year-over-year increase, slightly above Wall Street's expectation of $1.35 billion [2][3] - The company reported a net loss of about $140 million, which is a 54% reduction compared to the previous year's loss [3] - Adjusted EBITDA increased by 137% year-over-year to $108 million [3] User Metrics - Snapchat+ subscription users grew by 59% year-over-year, reaching approximately 15 million [3] - Monthly active users reached 900 million, nearing the significant milestone of 1 billion [3] Advertising and Market Position - The number of advertising clients increased by 60% year-over-year, with direct response ads accounting for 75% of quarterly ad revenue, a record high [3] - Snap's advertising strategy focuses on high engagement from Gen Z and utilizes AR technology, differentiating itself from larger platforms like Meta and Pinterest [4] Economic and Regulatory Environment - The company is impacted by the Trump administration's tariff policies, which have led to a tightening of advertising budgets among some advertisers [1][2][5] - The effective tariff rate in the U.S. is currently close to 23%, the highest in over a century, affecting consumer and business confidence [2]