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Snapchat Research Note – Did you short SNAP?

by Prabhat Agarwal | May 02, 2018

AppOptix released a Research Note on SNAP (Snapchat) to Strategy Analytics clients prior to SNAP's quarterly earnings report. Below is summary data from the report:

Strategy Analytics believes that relative to the social media category, Snapchat is following a similar pattern of declines in Q1 2018 over Q4 2017. Of concern is the relatively anemic monthly engagement percentage increase of 2.0% exhibited in Q1 this year over Q1 2017. However, actual time use on the app demonstrated a healthy 29.6% increase over the same period in the prior year with the incidence levels, the percentage of devices that use Snapchat, remaining relatively constant.

  • Time Used - average monthly time increased a healthy 29.6% Q1 year over year (YoY), but declined from the prior quarter (Q4 2017) of 36.3 minutes
  • Sessions - average monthly sessions grew 18.7% in Q1 (~29 sessions per month) year over year
  • Monthly Engagement – up an anemic 2.8% year over year, and up to 72.2% vs. 70.6% in the prior quarter
  • Average Daily Engagement – Q1 2018 daily engagement was up a modest 35.5% vs. 34.3% in the prior quarter
  • Seasonal Impact - we continue to observe a seasonal effect whereby Q1 declines over the holiday intensive period found in Q4

Below figure show declining average monthly use from Oct. 2017 to March 2018 and quarterly comps

Snapchat Avg. Monthly Use (Minutes)

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