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Can Snapchat’s Ad Business Ever Scale to Rival Meta, YouTube or TikTok?
Snap's Q2 2024 earnings miss led analysts to question its long-term ability to compete against Meta, YouTube and TikTok.
Snap, despite continuing to grow its overall Snapchat user base and more than doubling the number of active advertisers in the second quarter of 2024, hit a speed bump with the earnings report and Q3 outlook — which missed Wall Street targets. Q2 revenue grew 16% year-over-year to $1.24 billion, “despite the impact of a weaker brand advertising environment for certain consumer discretionary verticals,” the company said. “In the case of Snap, it is hard to see how impression and monetization growth can scale long-term given the AI-fueled world domination plans of Meta, YouTube and TikTok,” MoffettNathanson principal analyst Michael Nathanson wrote in a research note Friday.
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