关税冲击广告，社交网站Snap撤回二季度收入指引，股价盘后重挫

Core Viewpoint - Despite exceeding market expectations in Q1, Snap has withdrawn its Q2 revenue guidance due to economic fluctuations caused by tariff policies impacting advertising demand [1][3]. Group 1: Q1 Performance - Snap reported Q1 revenue of $1.36 billion, slightly above the analyst average expectation of $1.35 billion [5]. - The total number of advertising clients increased by 60% year-over-year, with direct response ads accounting for 75% of Snap's advertising revenue, marking a historical high [5]. - The net loss for Q1 was $140 million, which is more than a 50% reduction compared to the same period last year [5]. - Snap's subscription product, Snapchat+, has reached 15 million paid users, a 59% year-over-year increase, while monthly active users have reached 900 million, moving closer to the target of 1 billion [5]. Group 2: Q2 Outlook and Economic Impact - Snap has declined to provide a revenue forecast for Q2, citing macroeconomic "headwinds" affecting its advertising business [1][3]. - The CFO, Derek Andersen, indicated that some advertisers are reducing spending due to changes in the tariff exemption rules for small packages under $800, which are impacting advertising demand [3]. - The modification of the tariff rules is expected to affect not only Snap but also other major companies like Google and Meta Platforms, which are likely to confirm similar impacts on their advertising businesses [4]. Group 3: Cost Management and Future Plans - In addition to withdrawing the Q2 revenue guidance, Snap has lowered its full-year adjusted operating expense target by $50 million, from a range of $2.65 billion to $2.7 billion [5]. - Andersen mentioned that this adjustment may influence the company's hiring plans for the remainder of the year, as approximately two-thirds of the annual adjusted operating expenses are related to personnel costs [5].