Snap Inc. is positioning itself for a major shift in the technology landscape, announcing plans to launch its next-generation, lightweight augmented reality glasses, "Specs," in 2026. This move, revealed at the Augmented World Expo 2025, signifies a significant escalation in the company's long-term bet on spatial computing, aiming to bring immersive AR experiences directly to consumers with a price point designed to undercut high-end competitors.
This strategic pivot underscores Snap's ambition to diversify beyond its core social media platform and capture a share of the burgeoning AR hardware market. It represents the culmination of years of investment and development, setting the stage for a direct confrontation with tech giants also vying for dominance in this nascent field.
Snap Inc.'s Strategic Shift to Augmented Reality and Wearable Tech#
Snap Inc.'s commitment to augmented reality is not new, but the planned 2026 launch of its sixth-generation AR smart glasses, branded as 'Specs,' marks a critical inflection point. Unlike previous iterations primarily targeted at developers, these new 'Specs' are designed for the consumer market, promising lightweight, immersive AR functionalities. The devices are expected to incorporate advanced features, including AI assistance and see-through lenses, intended to blend digital content seamlessly with the user's physical environment. This initiative is central to Snap's long-term vision of integrating augmented reality into daily life, moving beyond the smartphone screen.
The company has dedicated substantial resources to this endeavor, investing over $3 billion over the past 11 years in developing AR glasses, according to reports surrounding the recent announcement (CNBC, Reuters, Business Wire). This prolonged, heavy investment underscores the strategic importance Snap places on AR hardware as a future growth engine. By aiming for a lower price point than devices like Apple's Vision Pro (priced at $3,499), Snap is signaling an intent to target a broader consumer base, seeking to accelerate market adoption and establish a significant user footprint early on.
This push into consumer AR hardware positions Snap in a highly competitive arena. Meta's 'Hypernova' AR glasses, also featuring built-in screens and AI capabilities, are reportedly slated for a 2025 launch, while Apple is also expected to release its own smart glasses in 2026. This convergence of major tech players on the consumer AR market within a tight timeframe highlights the perceived potential of the sector but also the intense battle for market share that lies ahead for Snap.
Upcoming AR Hardware Launches in 2026#
The forthcoming 'Specs' are more than just an incremental update; they represent a significant technological leap for Snap's hardware division. The inclusion of AI assistance suggests capabilities ranging from contextual information overlays to intelligent interaction with the environment, potentially leveraging Snap's existing AI investments and features like its AI chatbot. The move to see-through lenses is crucial for a truly immersive and practical AR experience, allowing users to see the real world unobstructed while digital elements are overlaid.
The decision to target a lower price point is a calculated risk. While it could drive adoption, it also impacts potential profit margins and the perception of the device's capabilities compared to higher-priced competitors. Snap's challenge will be to deliver a compelling, functional, and desirable AR experience at a price that mass consumers are willing to pay, differentiating itself on user experience, integration with its existing platform, and the utility of its AR Lenses ecosystem.
The development timeline for the Specs, spanning over a decade with billions invested, reflects the complexity and cost associated with bringing sophisticated AR hardware to market. This level of sustained investment is a testament to management's long-term vision for AR, but it also places pressure on the company to demonstrate a clear path to monetization and return on investment once the product launches in 2026. The success of Specs will be a key indicator of Snap's ability to translate R&D spending into viable commercial products.
Market Positioning and Competitive Analysis of Snap's AR Devices#
Snap's entry into the consumer AR glasses market with 'Specs' is a direct challenge to the ambitions of other tech giants, most notably Meta and Apple. Both competitors are also investing heavily in AR hardware and software, aiming to build the next computing platform. Meta, with its 2025 'Hypernova' launch plan and extensive work on the metaverse, is arguably Snap's most direct competitor in the social and consumer AR space.
Meta's strategy is multifaceted, combining AR hardware with significant investments in AI infrastructure. The company projects substantial capital expenditures between $64 billion and $72 billion in 2025, largely directed towards AI development (Meta company reports). This massive investment is intended to bolster its AI capabilities, which are crucial not only for its core advertising business (aiming to fully automate ad creation with AI by 2026) but also for powering advanced AR experiences and functionalities in devices like 'Hypernova'. Meta's existing scale, vast user base, and deep pockets provide a formidable competitive advantage.
Snap, while lacking Meta's financial scale, leverages its established SnapOS developer ecosystem and the popularity of its AR Lenses. This ecosystem allows for rapid iteration and content creation, which could be a key differentiator for 'Specs'. The potential to monetize through AR ads placed within the user's view or through premium AR experiences and subscriptions tied to the hardware offers a distinct revenue stream possibility beyond traditional mobile advertising.
However, the competitive landscape extends beyond Meta and Apple. Google is also actively developing AI-enabled AR products and platforms. The race is not just about who launches first, but who can build the most compelling user experience, attract developers, and create a sustainable business model around AR. Snap's success will depend on its ability to innovate quickly, capitalize on its unique strengths in AR Lenses and social interaction, and navigate the intense competition for consumer attention and developer talent.
Snap's Challenge to Meta in the AR Market#
The competitive dynamic between Snap and Meta in the AR space is particularly noteworthy. Both companies originated as social media platforms and are now converging on the future of computing through AR wearables. Meta's strategic focus on AI-driven advertising and its aggressive hardware development schedule pose a significant threat to Snap's market ambitions. Meta's stated goal to automate ad creation with AI by 2026, coupled with its massive AI infrastructure investment, could lead to highly effective and personalized advertising experiences within its platforms, potentially including future AR environments.
Snap's challenge is to demonstrate that its approach to AR, deeply integrated with its social platform and developer community, can offer a distinct value proposition that resonates with consumers and advertisers. The company's ability to monetize its AR Lenses and integrate advertising seamlessly into the 'Specs' experience will be crucial. While Snap has a strong history of AR innovation on mobile, translating that success to a dedicated hardware platform and competing with the scale and resources of Meta will require flawless execution and a clear path to profitability for its hardware division.
The historical context of the tech industry shows that platform shifts often lead to significant market share realignments. Snap's bet on AR glasses is an attempt to get ahead of a potential shift away from mobile screens. However, the capital intensity of hardware development and the fierce competition mean that this strategic pivot carries substantial risk. Snap's relatively smaller scale compared to Meta means it has less room for error in product development, market positioning, and ecosystem building.
Financial and Reputational Implications of AR and Legal Challenges#
Snap Inc.'s strategic pursuit of AR hardware unfolds against a backdrop of significant financial and reputational challenges. While the company's Q1 2025 results showed positive trends, including over 900 million monthly active users and 14% year-over-year revenue growth, it continues to operate with negative profitability metrics, as reflected in its negative trailing PE ratio and EPS of -$0.31 (Monexa AI). This financial position, coupled with a high debt-to-capitalization ratio (exact figure not specified in the data, but indicated as high), means that funding the capital-intensive development and launch of AR glasses requires careful financial management.
Despite current losses, Snap's strong liquidity position (indicated by current assets relative to short-term obligations) provides a necessary buffer to continue funding innovation and expansion efforts, including the multi-billion dollar AR investment. However, the path to sustainable profitability remains critical, particularly as the company ramps up spending on new hardware and AI infrastructure to compete effectively.
Adding complexity to Snap's operating environment are significant legal and reputational risks stemming from ongoing child exploitation lawsuits. Allegations that platform features like disappearing messages and recommendation algorithms have facilitated harmful behaviors, including sextortion and abuse, pose a serious threat to user trust, particularly among parents. A September 2024 case filed by the New Mexico Attorney General is one example among over 600 lawsuits consolidated into a Multidistrict Litigation (MDL) concerning harm to minors.
Internal documents cited in some cases suggest awareness within Snap of widespread sextortion reports, with concerns raised about prioritizing customer retention over issuing user warnings ([Legal Filings and News Reports]). The company is also reportedly under investigation by regulators, with a referral to the Department of Justice concerning risks posed by its AI chatbot. These legal battles and regulatory pressures could lead to significant fines, court-ordered changes to platform features, and restrictions on how Snap operates, all of which could negatively impact user engagement, advertiser confidence, and ultimately, financial performance.
Legal Risks from Child Exploitation Cases and Impact on User Trust#
The legal challenges related to child safety are not merely a financial liability; they strike at the core of Snap's relationship with its users, especially its younger demographic and their parents. Restoring and maintaining user trust is paramount for a social media platform. Negative publicity and ongoing litigation can deter new users, reduce engagement among existing ones, and make advertisers hesitant to spend on the platform, fearing association with safety issues.
The potential for regulatory intervention is also substantial. Governments worldwide are increasingly scrutinizing social media platforms regarding user safety, particularly concerning minors. Adverse findings or mandated changes could force Snap to alter fundamental aspects of its platform design and algorithms, potentially impacting the user experience and the effectiveness of its advertising tools. This could, in turn, affect the company's ability to grow its user base and revenue, including potential future revenue streams from AR advertising.
Management's handling of these legal and reputational challenges will be closely watched. Demonstrating a clear commitment to user safety through robust policies, proactive measures, and transparent communication is essential to mitigate long-term damage. The outcome of the MDL and regulatory investigations could significantly influence Snap's operational flexibility and financial health for years to come, potentially impacting its capacity to invest in strategic initiatives like AR hardware.
Macroeconomic Factors Influencing Social Media Advertising in 2025–2026#
Snap's primary revenue stream remains advertising, making its financial performance highly susceptible to macroeconomic conditions. While the global digital advertising market continues its growth trajectory, reaching projected figures of approximately $798.7 billion in 2025 and $854.9 billion in 2026 ([Industry Forecasts]), the pace of growth is expected to moderate compared to previous years. This slowdown is attributed to persistent macroeconomic headwinds, including inflation, the potential for a recession, and ongoing supply chain disruptions.
These factors influence corporate advertising budgets, leading many industries to adopt a more cautious approach to spending. In the U.S., consumer spending is forecasted for modest growth of 2.3% in 2025 and 2.0% in 2026 ([Economic Projections]), contributing to a projected slowdown in overall advertising expenditure growth to about 4.5% in 2025. This tempered environment directly impacts platforms like Snap.
Snap's advertising revenue is forecasted to grow by 12.4% to $6.87 billion in 2025, followed by a slightly slower 10.9% growth in 2026 ([Company Reports, Financial Analysis]). While these figures represent continued growth, they reflect the broader moderation in ad spend. Industries such as automotive, retail, and technology, which are significant advertisers on social platforms, are anticipated to tighten their budgets amidst economic uncertainties. This forces platforms like Snap to focus intensely on demonstrating clear return on investment (ROI) for advertisers.
Marketers are increasingly scrutinizing the effectiveness of their social media ad investments, demanding greater efficiency and measurable results. This trend is partly driven by diminishing returns observed from some social media ad placements and the need to optimize spending in a cost-conscious environment. Snap's ability to leverage AI to improve ad targeting, creativity, and measurement will be crucial in attracting and retaining advertisers in this competitive and economically sensitive market.
Overall, the macroeconomic landscape in 2025-2026 presents a mixed picture for social media advertising. While digital remains the dominant channel, the environment demands greater efficiency and demonstrable ROI from platforms. Snap must navigate this by enhancing its advertising tools, leveraging its unique audience demographics, and potentially integrating future AR advertising opportunities to maintain growth momentum.
Conclusion: Strategic Implications and Future Outlook#
Snap Inc.'s strategic direction is clearly focused on evolving beyond its core messaging app into a key player in the future of computing, centered around augmented reality. The planned launch of consumer-focused 'Specs' AR glasses in 2026 is the most tangible expression of this strategy, representing a significant opportunity to diversify revenue streams and build a presence in a potentially massive new market. Success hinges on product execution, creating a compelling user experience that justifies the investment, and effectively differentiating from formidable competitors like Meta and Apple.
Financially, Snap faces a dichotomy: strong liquidity and continued revenue growth in its core business provide the necessary capital to fund ambitious projects like AR hardware development, but persistent negative profitability metrics and a high debt-to-capitalization ratio indicate underlying financial pressures. The company's relatively high forward PE ratio (ranging from 33 to 61, based on different analyses) suggests that market expectations for future growth and profitability are significant, placing additional pressure on management to deliver on its strategic initiatives ([Financial Analysis]).
The legal and reputational risks from child safety lawsuits are a critical overhang that could impact user trust, regulatory relationships, and operational flexibility. Addressing these issues effectively is paramount, not only for mitigating financial and legal penalties but also for maintaining the foundational trust required for any consumer-facing platform, especially one aiming to integrate deeply into users' lives through wearable technology.
Macroeconomic factors, particularly the expected moderation in digital advertising growth, add another layer of complexity. While the overall trend in digital ad spend remains positive, the environment demands efficiency and demonstrable ROI. Snap must continue to innovate its advertising platform, leveraging AI and potentially new AR ad formats, to capture market share in this competitive landscape.
Snap's strategic effectiveness will be judged by its ability to successfully launch and scale its AR hardware business while simultaneously navigating legal challenges and optimizing performance in its core advertising segment amidst macroeconomic headwinds. The long-term outlook for Snap is intrinsically tied to the success of its AR pivot and its capacity to convert its significant investments into sustainable profitability and competitive advantage.
Meta AR Glasses Competition#
The competitive pressure from Meta in the AR space is a central theme for Snap. Meta's planned 2025 launch of 'Hypernova' AR glasses, featuring built-in screens and AI capabilities, is a year ahead of Snap's consumer 'Specs' launch. This timing could allow Meta to establish an earlier foothold in the consumer market.
Meta's aggressive investment in AI, with capital expenditures potentially reaching $72 billion in 2025, is aimed at creating highly sophisticated AI models that can power both its advertising business and its AR devices. The goal to fully automate ad creation with AI by 2026 underscores Meta's focus on leveraging AI for commercial advantage, a capability that could be seamlessly integrated into its AR hardware, potentially offering advertisers compelling new formats and targeting options.
This level of investment and strategic integration of AI across hardware and advertising platforms positions Meta as a formidable competitor. While Snap has its strengths in AR Lenses and its developer ecosystem, Meta's scale, financial resources, and AI capabilities present a significant challenge to Snap's ambition to become a leader in the AR space. The competition between these two companies will likely drive innovation but also require Snap to execute flawlessly on its product development and market strategy.
Meta's AR Device Strategy and Market Position#
Meta's AR device strategy is deeply intertwined with its vision for the metaverse and its core business objectives. 'Hypernova' is intended to be a key interface for interacting with digital content and the real world, powered by advanced AI. The company's focus on integrating AI into ad creation has already shown results, reportedly leading to increased user engagement and improved ad conversion rates on its existing platforms.
The sheer scale of Meta's investment in AI infrastructure ($64-$72 billion in 2025) dwarfs Snap's reported AR investment over a much longer period. This disparity in resources highlights the challenge Snap faces in keeping pace with larger competitors. Meta's ability to rapidly advance AI capabilities could lead to more sophisticated and compelling AR experiences and advertising opportunities within its hardware, potentially attracting developers and users away from competing platforms.
Meta's established user base across Facebook, Instagram, and WhatsApp also provides a massive platform for cross-promotion and integration with its AR devices. This network effect is a significant advantage that Snap, with its primarily Snapchat-focused user base, must contend with. The competitive battle in AR will likely be won not just on hardware specifications, but on the strength of the underlying platform, ecosystem, and integrated services, including advanced AI and advertising capabilities.
Financial Metrics and Market Data for Snap Inc.#
Understanding Snap's financial position provides crucial context for evaluating its strategic moves and the challenges it faces. As of June 2025, the company's stock price stood at $8.49, resulting in a market capitalization of approximately $14.19 billion (Monexa AI, Nasdaq).
Key financial metrics highlight the company's current state:
| Metric | Value |
|---|---|
| Stock Price (USD) | 8.49 |
| Market Capitalization (USD) | $14.19 billion |
| EPS | -$0.31 |
| PE Ratio (Forward) | 33 - 61 |
| PE Ratio (Trailing) | Negative |
| Debt-to-Capitalization Ratio | High |
| Liquidity | Strong |
| Recent Revenue Growth (Q1 2025) | 14% YoY |
| Advertising Revenue (2025 forecast) | $6.87 billion |
The negative EPS of -$0.31 and trailing negative PE ratio reflect Snap's current lack of profitability. However, the forward PE ratio range of 33-61 indicates that investors are pricing in significant expected earnings growth in the future, likely tied to the anticipated success of strategic initiatives like AR and continued growth in the core advertising business ([Financial Analysis]).
The high debt-to-capitalization ratio suggests a reliance on debt financing, which can increase financial risk, particularly in a rising interest rate environment. However, the reported strong liquidity position indicates that Snap has sufficient current assets to meet its short-term obligations, providing operational flexibility to manage its ongoing investments and legal costs.
The 14% year-over-year revenue growth in Q1 2025 demonstrates continued momentum in the core business, driven by its large and engaged user base (over 900 million monthly active users). The advertising revenue forecast of $6.87 billion for 2025, representing 12.4% growth, aligns with the broader digital advertising market trends but also reflects the competitive pressures and macroeconomic moderation discussed previously.
| AR Player | Key Device/Strategy | Expected Launch (Consumer) | Key Features/Focus | Investment Scale (Indicative) |
|---|---|---|---|---|
| Snap Inc. | Specs | 2026 | Lightweight, Immersive, AI, See-through, AR Lenses ecosystem integration, Lower price target | >$3 Billion (over 11 years) |
| Meta | Hypernova | 2025 | Built-in screens, AI, Metaverse integration, Aggressive AI infrastructure spending | $64-$72 Billion (2025 Capex) |
| Apple | Smart Glasses | 2026 | Integration with Apple ecosystem, High-end experience (implied) | Significant (Specifics less public) |
This table highlights the tight timeline and competitive landscape in the consumer AR glasses market. Snap's strategy appears to be focused on differentiation through its AR Lenses ecosystem, a potentially more accessible price point, and leveraging its existing social platform. Meta's strategy is characterized by massive investment in AI and a focus on building out the metaverse, while Apple's approach typically involves deep ecosystem integration and premium positioning.
Strategic Effectiveness Assessment#
Evaluating Snap's strategic effectiveness requires looking at how its investments and initiatives align with its goals and the competitive environment. The $3 billion+ investment in AR over 11 years demonstrates a consistent, long-term commitment to the technology. This patient approach contrasts with some tech industry trends of rapid pivots, suggesting a deeply held belief within management about the future importance of AR.
However, this prolonged investment period without a major consumer hardware launch until 2026 raises questions about the efficiency of capital allocation. While R&D is inherently uncertain, competitors like Meta are bringing hardware to market sooner, potentially gaining valuable early user feedback and market share. Snap's challenge is to ensure that the delay results in a significantly superior or more commercially viable product.
Management's execution on the core platform, as evidenced by achieving over 900 million monthly active users and delivering 14% YoY revenue growth in Q1 2025, indicates a degree of operational competence in its primary business. Progress towards profitability metrics like improved EBITDA and cash flow, mentioned in the Q1 results, are positive signs that the core business is becoming more financially sound, which is crucial for funding the AR expansion.
However, the ongoing legal challenges represent a significant test of management's ability to navigate complex crises. The allegations and investigations require substantial attention, resources, and potentially difficult decisions regarding platform design and safety measures. The outcome of these issues will heavily influence user trust and regulatory relationships, which are foundational to both the core platform's health and the potential success of new ventures like AR glasses.
Comparing Snap's R&D spending (implicitly high given the AR investment) to industry benchmarks is difficult without more specific data, but the multi-billion dollar figure suggests it's a significant percentage of revenue, particularly given the current market cap. This high investment level is necessary to compete in cutting-edge fields like AR and AI but also pressures the company to achieve a return.
Future-Oriented Analysis#
Snap's strategic initiatives, particularly the AR glasses launch, are squarely aimed at shaping its future revenue streams and competitive positioning. If successful, the 'Specs' could open up entirely new avenues for monetization beyond traditional advertising, such as AR-specific advertising formats, premium features, or even e-commerce integrated into AR experiences. This diversification is critical for reducing reliance on the volatile digital advertising market.
The current financial position, marked by negative profitability but strong liquidity, presents both opportunities and constraints. The liquidity allows Snap to continue funding its AR and AI development, maintaining the pace of innovation required to compete. However, the lack of consistent profitability means the company has less financial flexibility compared to highly profitable peers like Meta or Apple. This could limit its ability to make large-scale acquisitions, weather prolonged market downturns, or sustain losses in new ventures for extended periods.
Snap's financial foundation directly impacts its competitive positioning. A stronger financial position would enable even greater investment in R&D, more aggressive marketing for new products, and potentially more favorable terms in supply chain negotiations for hardware components. The need to reach sustainable profitability in the core business is therefore not just a financial goal, but a strategic imperative that underpins the viability of its long-term AR ambitions.
Strategic pivots like the move into consumer AR are inherently risky but necessary in a rapidly evolving tech landscape. Snap is betting that AR wearables will become a significant computing platform, and it aims to be an early leader. The success of this pivot will depend on user adoption of AR glasses, the growth of the AR content ecosystem (driven by Snap's developers), and the company's ability to monetize effectively. Potential financial catalysts could include stronger-than-expected adoption of 'Specs', successful integration of new AR advertising formats, or a resolution of legal issues that removes uncertainty and improves market sentiment.
Historical Context & Precedent Analysis#
Snap's decade-plus investment in AR hardware, culminating in the planned 2026 consumer launch, can be viewed through the lens of company-specific precedents and broader industry patterns. This sustained commitment to a long-term technology bet mirrors, in some ways, earlier R&D efforts in the tech industry that took years to yield commercial success, such as the lengthy development cycles for smartphones or cloud computing infrastructure before widespread adoption.
Snap's previous iterations of Spectacles, while not mass-market consumer hits, served as crucial learning platforms for hardware design, user interaction with wearables, and the integration of AR Lenses into a physical device. This iterative approach is a common pattern in hardware development, where early versions inform the design and strategy of later, more ambitious products. The $3 billion+ investment over 11 years reflects this prolonged R&D cycle, a significant commitment for a company of Snap's size.
Industry case studies offer parallels for the challenges Snap faces. Companies entering new hardware markets often encounter high development costs, manufacturing complexities, and the need to build entirely new supply chains and distribution channels. The competitive landscape, featuring established giants like Apple and Meta, echoes historical battles for dominance in emerging tech categories, such as the early smartphone wars or the competition in cloud services.
Furthermore, social media platforms facing legal and reputational challenges related to content moderation or user safety is not unprecedented. Various platforms have faced regulatory scrutiny, lawsuits, and public backlash over the years, leading to fines, mandated policy changes, and impacts on user growth and advertiser relationships. Snap's current legal situation fits this pattern, and the outcomes of similar past cases in the industry can offer insights into potential trajectories, although each situation has unique specifics.
Management's historical execution record, particularly its ability to grow the user base to over 900 million MAU and achieve 14% YoY revenue growth in Q1 2025 despite operating losses, demonstrates a capacity to manage and grow its core business. However, navigating the transition to a hardware company, managing complex legal battles, and competing against significantly larger, more profitable entities represents a new level of challenge. Evaluating management's track record during previous strategic shifts or periods of significant investment would provide further context, but the current AR push and legal environment are arguably the most significant tests to date.
The cyclical patterns relevant here include the broader tech investment cycle (currently focused heavily on AI and AR), the digital advertising market's sensitivity to economic conditions, and the regulatory cycle concerning tech platforms. Snap's strategy is positioned within these cycles, aiming to capitalize on the growth of AR while navigating the pressures on advertising spend and the increasing focus on platform accountability.
What This Means For Investors#
Snap Inc.'s strategic direction presents a high-stakes opportunity balanced by significant execution and external risks. The push into consumer AR hardware with the 2026 'Specs' launch is a clear attempt to secure a position in what could be the next major computing platform, offering potential long-term revenue diversification beyond advertising. The multi-billion dollar investment over a decade signals serious commitment, but also highlights the capital intensity and long development cycle inherent in this strategy.
Investors should weigh the potential upside of becoming a leader in consumer AR against the intense competition from deeply resourced players like Meta and Apple, who are also targeting this market within a similar timeframe. Snap's ability to differentiate 'Specs' through its ecosystem, price point, and user experience will be critical.
The ongoing legal and reputational risks from child exploitation lawsuits are a material concern that could impact user trust, regulatory relationships, and financial performance through potential fines and operational restrictions. Effective management of these issues is essential for mitigating downside risk.
Furthermore, the macroeconomic environment, while still supporting digital ad growth, is characterized by moderation and demands for greater ROI from advertisers. Snap's core business must continue to perform strongly and demonstrate efficiency to fund the AR expansion and navigate competitive pressures in the advertising market.
The company's financial health, marked by negative profitability but strong liquidity, provides the capacity to invest but also underscores the need for a clear path to sustainable earnings. The high forward PE ratio reflects market optimism about future prospects, placing pressure on Snap to convert strategic investments into profitable growth. Investors should monitor progress on the AR launch, the resolution of legal challenges, and trends in advertising revenue growth as key indicators of Snap's ability to execute on its ambitious strategy.
