After SNAP went public in 2017 with a $24B valuation, the social media arena has become more diverse, and competitive. First, Instagram copied Snapchat stories, then TikTok exploded onto the scene and was swiftly copied by Snapchat with their ‘Spotlight’ feature.
To make things even more unpredictable, the valuation of the app shifted billions of dollars with a single tweet, when Kylie Jenner claimed to not open it anymore. However, the faithful were rewarded Thursday, when Snap CEO Evan Spiegel revealed a beautiful second quarter, which investors saw briefly, before it disappeared.
“I was gonna take a screenshot,” Mark Bobson, an investor, tweeted. “It’s hard to put in so much effort to only get a taste, but I guess that’s the nature of the app. My daughters tell me that when it comes to Snap, it’s a total ‘sus move’ to screenshot, so I’ll take their word for it. They both have Snap scores over 500,000 after all, whatever that means!”
In a press conference following the reveal, Spiegel spoke on the app’s Q2 growth. “Well, we could attribute some of the success to returning advertisers who scaled back their spending during the pandemic, as well as our investment in augmented reality,” he explained.
“But let’s face it, it’s probably because the app is completely centered around trying to see nude pictures of your crush. We know it’s frustrating to investors to not have more time with the results, but if they stick around, maybe we’ll reward them with a private folder that has the information saved!”