SNAP delivers a huge Q1 beat. We already knew that usage on the platform was way up. Now, we see that this has translated over to the financial numbers.

Headwinds likely to impact to a greater extent in Q2, so be cautious. Long-term, SNAP has access to a niche user demographic and is unlikely to be impacted by competition.

Opening up the advertising to self-serve and innovating on the Snap Ads platform will improve ARPU growth going forward, driving strong top-line growth.

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