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Perhaps more concerning, the company highlighted increased competition for advertising dollars, and we think SNAP may have been displaced by TikTok as the experimental platform of choice (which has become the 3rd platform behind META and GOOGL) and is now less able to garner outsized share of these incremental spending budgets as demand trends normalize. "Our concerns are as follows: 1) As the overall demand environment slows, SNAP's ability to grow has contracted as incremental (and experimental) budgets have decreased. "We found incremental concerns that temper our enthusiasm around the company's near- to mid-term growth prospects, and we are therefore downgrading SNAP to hold," Deutsche Bank Analyst Benjamin Black wrote in a note to clients. In total, 12 Wall Street firms slashed their ratings on Snap shares today in a show of concern over future growth. at New York Stock Exchange in New York, the United States on March 2, 2017. But some folks think SNAP recipients don't put a big. households buy food - and the healthier the better. Still, there is hope for the future, Boone points out, flagging that "Snap remains the leader in AR, though this is likely years away from significantly impacting financials.A man walks past the logo of Snap Inc. Snapchat parent Snap ( SNAP) reported its Q2 earnings after the closing bell on Thursday, missing Wall Streets expectations and sending shares plunging 23 in after hours trading. The Supplemental Nutrition Assistance Program (SNAP) is designed to help low-income U.S. "Importantly, these are Snap's most monetizable surfaces as we expect impression growth to be pressured looking ahead." "We believe short-form video from TikTok, Reels, and YouTube Shorts are taking share of time from Snapchat’s Discover and Stories," Boone wrote on Jan. This spiking competition could also affect Snap's monetization opportunities. Time spent on Snapchat fell 7% year-over-year, as of the last quarter of 2022, Boone wrote, signaling that these other platforms are perhaps gaining steam. Tari Eason tied a career high off the bench on Saturday to help lead the Houston Rockets to a win over the San Antonio Spurs to snap their 11. TikTok, of course, is also a key competitor, and the increasingly crowded market that is beginning to take its toll on Snap. Boone cited increased competition from Alphabet-owned ( GOOG, GOOGL) YouTube and Meta-owned ( META) Instagram, which both have short-form video offerings of their own, respectively Instagram Reels and YouTube Shorts.
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