From Give the media company name for www.nasdaq.com. Examples: “Reuters”, “CBS MarketWatch, “CNBC, “Wall Street Journal”, “Barchart”. Return only the company name: 2024-07-03 09:17:00
create short ,engaging summaries of the news. Limit summaries to 50 words or less per paragraph. Ensure clarity and engagement, Include all facts, figures and statistics mentioned in the news article. Arrange summaries sequentially or by relevance in easy to read paragraph format :
Snap Inc. SNAP continues to expand its Snapchat+ subscription service, which has now attracted more than nine million subscribers. This service offers exclusive and pre-release features designed to enhance user connections, app customization and access to advanced technologies.
Among the latest additions, subscribers can now choose and design a personalized house on Snap Map, which is visible to friends they share their location with on the map. Additionally, users can have their custom pet alongside their Bitmoji in chats, adding a fun and personal touch to conversations.
In addition to Snapchat+ features, Snapchat is also rolling out new tools for all users. The new live Mirror feature in the Bitmoji Builder allows users to see themselves in real-time, aiding in the selection of features that closely resemble their appearance. Moreover, the latest AI-powered Lenses, such as My 5-Year-Old Self, offer fun and nostalgic experiences by transforming users into younger versions of themselves.
These updates demonstrate Snapchat’s ongoing efforts to innovate and provide engaging and personalized experiences for its entire community.
Year-to-date Performance
Image Source: Zacks Investment Research
Snapchat’s Latest Updates to Aid DAU Growth
Snapchat has unveiled some latest updates for its app and new collaborations as well, which are expected to boost daily active users (DAU) in the upcoming quarters.
DAU at the end of the first quarter of 2024 was 422 million, up 10.2% year over year. Snap added 39 million DAU on a year-over-year basis.
The Zacks Consensus Estimate for SNAP’s 2024 DAU globally is pegged at 443.58 million, indicating year-over-year growth of 7.14%.
This Zacks Rank #2 (Buy) company introduced new features to safeguard its community from online harms, focusing on enhancing in-app warnings, friending protections, location-sharing and blocking improvements. These measures build on existing efforts to prevent strangers from contacting users and make it more difficult for potential scammers to interact with teens. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In another major update, Snapchat is unveiling new AR experiences powered by real-time GenAI. These innovations allow users to generate vivid AR transformations instantly on mobile devices.
For the AR creator community, Snapchat introduces the GenAI Suite in Lens Studio, enabling creators to generate custom machine learning models and assets more efficiently. This suite accelerates AR creation, allowing artists and developers to produce high-quality Lenses quickly.
However, snapchat faces tough competition from Meta Platforms META, Alphabet’s GOOGL YouTube and Apple AAPL.
Shares of SNAP have lost 4% year to date against the Zacks Computer and Technology sector’s growth of 24.4%. The stock has also underperformed META, GOOGL and AAPL, which have gained 43.9%, 32.6% and 14.4% in the same time frame.
Conclusion
Snapchat’s constant updates and relevant features are major positives for the company. However, it faces tough competition from established players.
Snap’s strong liquidity makes the stock attractive to investors. As of Mar 31, 2024, cash and cash equivalents and marketable securities were $2.9 billion compared with $3.5 billion as of Dec 31, 2023. Operating cash flow was $88 million in the first quarter of 2024 compared with $151 million reported in the year-ago quarter.
The Zacks Consensus Estimate for SNAP’s second-quarter 2024 earnings per share is pegged at 2 cents, which has increased a cent in the past 60 days. The consensus mark for 2024 earnings is pegged at 24 cents per share, which has increased 3 cents in the past 60 days.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Read more at Give the media company name for www.nasdaq.com. Examples: “Reuters”, “CBS MarketWatch, “CNBC, “Wall Street Journal”, “Barchart”. Return only the company name: SNAP Introduces New Personalization Features for Snapchat+