Snap Disappoints Again; Shares Fairly Valued
We’re lowering our fair value estimate after Snap continues to find it difficult to compete against Facebook.
Snap’s total revenue grew 14% and 62% sequentially and year-over-year, respectively, to $208 million. While those growth figures seem impressive, in our view, they are disappointing for an early stage growth firm. Snap’s daily active user count, or DAU, grew only 2% sequentially, or 16% year over year, as the difficulties that Snap faces when competing against
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