Core Viewpoint - Snap's stock (NYSE: SNAP) saw a nearly 20% decline following its Q2 earnings report, primarily due to misses on revenue, Average Revenue Per User (ARPU), and EBITDA, leading to the conclusion that the stock is not a favorable buying opportunity at this time [2][10]. Financial Performance - Snap's current valuation is approximately $8, which is considered unappealing due to concerns over its high valuation relative to its operational performance [3]. - The company has recorded revenues of $5.6 billion over the last 12 months, with a quarterly revenue increase of 9% to $1.34 billion compared to $1.24 billion a year prior [7]. - Snap's average growth rate in revenue over the past three years is 9.4%, outperforming the S&P 500's 5.2% growth [7]. Profitability Metrics - Snap's operating income over the past four quarters was -$654 million, resulting in an operating margin of -11.6%, significantly lower than the S&P 500's 18.4% [13]. - The company's net income for the last four quarters was -$546 million, indicating a net income margin of -9.7%, compared to 12.2% for the S&P 500 [13]. - Snap's profit margins are notably lower than most firms in the Trefis coverage universe [6]. Financial Stability - Snap's balance sheet is described as robust, with total assets of $7.4 billion, including $2.9 billion in cash and cash equivalents, leading to a strong cash-to-assets ratio of 39% [8][13]. - The company's debt reached $4.2 billion, resulting in a moderate debt-to-equity ratio of 32%, compared to 23.6% for the S&P 500 [13]. Market Resilience - Snap's stock has underperformed compared to the S&P 500 during recent downturns, raising concerns about its resilience in potential future economic downturns [9][10]. - The stock has experienced a significant decline of 90.7% from its peak of $83.11 in September 2021 to $7.76 in October 2022, while the S&P 500 saw a peak-to-valley decline of 25.4% during the same period [14].

Core Insights - Trump Media and Technology Group Corp. has initiated public Beta testing for its new AI search feature, Truth Search AI, on the Truth Social platform [2][4] - The AI search feature is powered by Perplexity, aiming to provide contextually accurate answers with transparent citations, thereby enhancing user experience and information accessibility [3][4] - The Truth Search AI is currently available on the web version of Truth Social, with plans to roll out on iOS and Android apps soon [4] Company Overview - Trump Media's mission is to combat perceived censorship by Big Tech and promote free speech through its platforms, including Truth Social and Truth+ [6] - Truth Social is designed as a safe space for free expression, while Truth+ focuses on family-friendly streaming content [6] - The company is also launching Truth.Fi, a financial services and FinTech brand that aligns with an "America First" investment strategy [6] Partner Overview - Perplexity is an AI-driven answer engine that provides real-time answers from credible sources, aiming to bridge the gap between traditional search engines and AI interfaces [7] - The company, founded in 2022, answers over 150 million questions globally each week [7]

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。 ...

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 ...

Market Overview - Market indexes started positively but faced declines due to President Trump's announcement of new tariffs on semiconductor imports, leading to a drop in major indexes except for the small-cap Russell 2000, which closed up +0.59% [1] Economic Indicators - The S&P final Services PMI for July increased to 55.7 from 52.9, while ISM Services fell to 50.1, below expectations and down from 50.8 the previous month, indicating potential weakness in the services sector [2][3] Company Earnings Reports - **Advanced Micro Devices (AMD)**: Reported earnings of 48 cents per share on revenues of $7.7 billion, exceeding estimates and showing +32% year-over-year growth. Revenue guidance was raised to $8.7 billion for the next quarter [4][5] - **Snap (SNAP)**: Reported a loss of -$0.16 per share against expectations of +$0.01, with revenues of $1.34 billion meeting estimates. Shares fell -15% following the announcement [6] - **Amgen (AMGN)**: Achieved earnings of $6.02 per share on revenues of $9.18 billion, surpassing projections. Full-year guidance remained stable for earnings and slightly higher for sales [7] - **Skyworks Solutions (SWKS)**: Reported earnings of $1.33 per share on revenues of $965 million, exceeding estimates. The company raised its dividend yield by +1% and expects revenues of $1 billion to $1.3 billion for the current quarter [8] - **SuperMicro (SMCI)**: Missed earnings estimates by 3 cents, reporting 41 cents per share and revenues of $5.76 billion, which was -3% below expectations. Guidance for the next quarter was also lowered, leading to a -14% drop in shares after hours [9]

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]

Group 1 - Snap shares fell 17% after market close due to slower revenue growth in Q2, partly caused by a pricing mistake for advertisers [1] - Q2 revenue grew 39% year-over-year to $1.34 billion, with advertising revenue of $1.174 billion rising 4% [3] - Daily active users increased by 9% year-over-year to 469 million [2] Group 2 - The timing of Ramadan affected advertising revenue comparisons, as the holiday occurred earlier in Q1 this year [3] - The company expects Q3 revenue to be between $1.475 billion and $1.505 billion, with daily active users projected at 476 million [4] - Snap delivered adjusted EBITDA of $41 million and $24 million in free cash flow [4] Group 3 - Time spent on Spotlight grew 23% year-over-year in Q2, now accounting for over 40% of total content viewing time [5] - Snapchat+ subscribers approached 16 million in Q2 [5] - Snap plans to launch standalone lightweight AR glasses in 2026, aiming to enhance its position in augmented reality [5] Group 4 - Sponsored Snaps initiative has shown effectiveness, delivering up to a 22% increase in conversions when included in campaigns [6] - Snapchat introduced Sponsored Snaps from creators, allowing advertisers to send messages directly from creators to users [6]

Financial Performance - Revenue for Q2 2025 was $1,345 million, a 9% increase compared to $1,237 million in the prior year[8, 15] - Average revenue per user (ARPU) was $2.87, slightly up from $2.86 in the prior year[8] - Net loss was $263 million, compared to $249 million in the prior year, with a net loss margin of (20)%[8] - Adjusted EBITDA was $41 million, down from $55 million in the prior year, resulting in an Adjusted EBITDA Margin of 3%, compared to 4%[8, 13, 14] - Operating cash flow was $88 million, a significant improvement from $(21) million in the prior year, and free cash flow was $24 million, compared to $(73) million[16] User Engagement - Global monthly active users (MAU) reached 932 million in Q2, an increase of 64 million, or 7%, year-over-year[17, 32] - Daily active users (DAU) were 469 million in Q2 2025, an increase of 37 million, or 9%, year-over-year[20, 38] - Spotlight reached more than 550 million monthly active users on average in Q2, with time spent growing 23% year-over-year, contributing over 40% of total content time spent[20] Augmented Reality - The community uses AR Lenses in the Snapchat camera 8 billion times per day[23] - Lens Games engagement has continued to grow, now reaching more than 175 million monthly active users, up over 40% year-over-year[24]

Financial Performance - Snap reported second-quarter revenue of $1.345 billion, reflecting a 9% year-over-year increase, surpassing the Street consensus estimate of $1.344 billion [1] - The company incurred a loss of 16 cents per share, which aligned with analyst expectations [1] User Growth - Snap ended the quarter with 932 million monthly active users, marking a 7% increase year-over-year [2] - The number of daily active users reached 469 million, up 9% year-over-year [2] Product and Feature Development - CEO Evan Spiegel highlighted the growth in the global community and emphasized investments in AI and augmented reality [3] - Spotlight achieved over 550 million monthly active users on average, with time spent on Spotlight increasing by 23% year-over-year, now accounting for over 40% of total content time spent [3] - Snap Map also grew to more than 400 million monthly active users during the quarter [4] Future Outlook - The company is focusing on diversifying revenue growth through improvements in its ad platform, aided by advancements in AI [5] - Snap plans to launch its first consumer-ready Specs AR glasses in 2026, which is seen as a significant milestone for the company [5] Stock Performance - Following the earnings report, Snap's stock declined by 14.48% to $8.03 in after-hours trading, within a 52-week trading range of $7.08 to $13.28 [6]