Reported Earnings • May 07
First quarter 2026 earnings released: US$0.053 loss per share (vs US$0.082 loss in 1Q 2025) First quarter 2026 results: US$0.053 loss per share (improved from US$0.082 loss in 1Q 2025). Revenue: US$1.53b (up 12% from 1Q 2025). Net loss: US$89.0m (loss narrowed 36% from 1Q 2025). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 36% growth forecast for the Interactive Media and Services industry in Italy. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Breakeven Date Change • Apr 15
Forecast to breakeven in 2028 The 40 analysts covering Snap expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 28% per year to 2027. The company is expected to make a profit of US$2.46m in 2028. Average annual earnings growth of 59% is required to achieve expected profit on schedule. Announcement • Apr 03
Randian Capital Sends Open Letter to Snap’s Board On April 1, 2026, Randian Capital, announced that it has sent an open letter to Snap Inc.’s Board and management, calling for change and inviting shareholders to an investor town hall on April 6, 2026. In addition, Randian highlights concern about Company’s capital allocation, including $1 billion annually on stock-based compensation and $1.6 billion on research and development, as well as a $3 billion investment in Spectacles. Further, Randian urges the Company Board to spin off Spectacles, review cost structure, leverage AI for efficiency, collapse the dual class share structure, commit to total shareholder return, hold an investor day, and appoint 2 new independent directors. Furthermore, Randian Capital criticizes Company’s governance structure and stock performance, noting an over 80% decline since the IPO, and encourages retail shareholders to engage with management and the Board. Announcement • Apr 01
Irenic Capital Sends Letter to Snap On March 31, 2026, Irenic Capital Management, LP, announced that it has sent a public letter to Snap Inc.’s Co-Founder and CEO Evan Spiegel, detailing a path to realizing $26.37 per share and issued a presentation. In addition, Irenic Capital outlined recommendations including fully monetizing the AI opportunity, improving cost structure, increasing capital returns to shareholders, and enhancing corporate governance, believing Snap could be worth at least $26.37 per share or $35 billion following value-enhancing steps. Further, Irenic Capital highlighted Company’s underperformance since its IPO, compared to Meta and the Nasdaq, and emphasized the need for meaningful changes such as spinning or shutting down Specs, rationalizing the cost structure, aligning employee incentives, focusing on AI to improve ad monetization, monetizing latent AI opportunities, taking advantage of discounted valuation, and improving corporate governance by giving Class A shareholders 1 vote per share. Furthermore, Irenic Capital encouraged shareholders to visit SaveSnapNow.com to view and download the presentation and asserted that the Company should not continue its current course, urging action to unlock value for shareholders. Announcement • Mar 25
Anapol Weiss Files Lawsuit Against Roblox Corporation, Discord Inc., and Snap Inc. Alleging Platforms Enabled Sexual Exploitation of Minor Anapol Weiss had filed a federal lawsuit against Roblox Corporation, Discord Inc., and Snap Inc. The plaintiff, a now 15 year old from North Carolina, was targeted across multiple platforms due to design features that allowed adults to identify and contact her. The complaint contends that design features across all three platforms created openings that allowed predators to identify and exploit a minor. According to the publicly filed complaint, the child was first approached on Roblox by an adult predator who used the platform’s communication tools to gain access to her. He then coerced her into sending sexually explicit images of herself on Discord. The complaint further describes how a second predator located her on Snapchat, where he ultimately drugged and sexually assaulted her multiple times. The complaint states that the abuse was a direct consequence of design choices that allowed adults to easily identify, contact, and manipulate children across multiple platforms. The companies publicly promoted their platforms as safe for young users while declining to implement basic, widely available protections. Instead, the complaint asserts, each platform incorporated features that enabled adult–minor contact and prioritized user growth and engagement over the safety of children. A common pattern is highlighted across the platforms: permissive communication tools, ineffective age-verification, and features that connect minors with unknown adults. Internal concerns about safety, the complaint claims, were overshadowed by business considerations, including the potential impact of stronger protections on user engagement and growth. The complaint describes profound and lasting harm to the minor, including severe psychological trauma, and the need for ongoing medical and therapeutic care. This lawsuit is part of a broader effort by Anapol Weiss, which has filed 22 cases against these companies and serves in a leadership role in the centralized federal litigation—now comprising well over 100 filed cases—alleging that Roblox, Discord, and Snap enabled sexual exploitation of children through dangerous platform designs. Anapol Weiss has been at the forefront of litigation involving online child exploitation and represents individuals and families nationwide in cases involving corporate negligence and product safety. The firm was among the first in the nation to bring claims against major gaming platforms related to child safety and continues to play a leading role in these cases. Recent Insider Transactions • Mar 22
Chief Financial Officer recently sold €372k worth of stock On the 16th of March, Derek Andersen sold around 93k shares on-market at roughly €4.00 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €536k. Derek has been a net seller over the last 12 months, reducing personal holdings by €2.6m. Breakeven Date Change • Mar 17
No longer forecast to breakeven The 40 analysts covering Snap no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$1.45m in 2028. New consensus forecast suggests the company will make a loss of US$4.44m in 2028. Recent Insider Transactions • Feb 20
Chief Business Officer recently sold €474k worth of stock On the 17th of February, Ajit Mohan sold around 119k shares on-market at roughly €3.98 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €8.7m. Insiders have been net sellers, collectively disposing of €18m more than they bought in the last 12 months. New Risk • Feb 07
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$460m Forecast net loss in 3 years: US$901k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$901k net loss in 3 years). Share price has been volatile over the past 3 months (6.9% average weekly change). Significant insider selling over the past 3 months (€11m sold). New Risk • Feb 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 6.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.7% average weekly change). Minor Risk Significant insider selling over the past 3 months (€11m sold). Reported Earnings • Feb 05
Full year 2025 earnings released: US$0.27 loss per share (vs US$0.42 loss in FY 2024) Full year 2025 results: US$0.27 loss per share (improved from US$0.42 loss in FY 2024). Revenue: US$5.93b (up 11% from FY 2024). Net loss: US$460.5m (loss narrowed 34% from FY 2024). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Interactive Media and Services industry in Italy. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Feb 05
Snap Inc. (NYSE:SNAP) announces an Equity Buyback for $500 million worth of its shares. Snap Inc. (NYSE:SNAP) announces a share repurchase program. Under the program, the company will repurchase up to $500 million worth of its Class A common stock. The purpose of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture. The repurchases under the program will be funded from existing cash and cash equivalents. The program will be valid for a period of 12 months. Breakeven Date Change • Jan 01
Forecast to breakeven in 2028 The 40 analysts covering Snap expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$31.7m in 2028. Average annual earnings growth of 54% is required to achieve expected profit on schedule. Recent Insider Transactions • Dec 11
Co-Founder recently sold €8.7m worth of stock On the 8th of December, Evan Spiegel sold around 1m shares on-market at roughly €6.89 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Evan's only on-market trade for the last 12 months. Announcement • Dec 09
Snap Inc. Appoints Matthew McRae as Director to Board of Directors,Effective December 4, 2025 On December 4, 2025, Snap Inc. approved an increase to the size of the board from eleven to twelve members and appointed Matthew McRae to fill the newly created vacancy,effective December 4, 2025. Mr. McRae will serve until the earlier of (a) the next annual meeting of our stockholders, (b) the effectiveness of the next action by written consent of stockholders in lieu of an annual meeting, and (c) his death, resignation, or removal. Mr. McRae has not been appointed to serve on any committees of the board of directors. Mr. McRae, age 51, has served as Chief Executive Officer and a member of the board of directors of Arlo Technologies Inc. since August 2018. He previously was NETGEAR’s Senior Vice President of Strategy, and prior to that served as Chief Technology Officer of Vizio Inc. for over 7 years. Mr. McRae previously served as Vice President of Marketing and Business Development of Fabrik (now part of HGST Inc.), and before that was Senior Director, Worldwide Business Development at Cisco Systems Inc. Mr. McRae currently serves on the board of directors for Origin Wireless, and was previously on the board of directors of Violux Inc., Dedicated Hosting Services Inc., and the Leatherby Center for Entrepreneurship and Business Ethics at the Business School of Chapman University. Mr. McRae holds a Bachelor of Science in Economics from the Wharton School at the University of Pennsylvania and a Bachelor of Science in Computer Engineering from the University of Pennsylvania. There are no family relationships between Mr. McRae and any of our directors or executive officers, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Further, there is no arrangement or understanding between Mr. McRae and any other persons or entities pursuant to which Mr. McRae was appointed as a director. Recent Insider Transactions • Nov 20
Insider recently sold €787k worth of stock On the 17th of November, Ajit Mohan sold around 109k shares on-market at roughly €7.19 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €11m more than they bought in the last 12 months. Reported Earnings • Nov 06
Third quarter 2025 earnings released: US$0.061 loss per share (vs US$0.092 loss in 3Q 2024) Third quarter 2025 results: US$0.061 loss per share (improved from US$0.092 loss in 3Q 2024). Revenue: US$1.51b (up 9.8% from 3Q 2024). Net loss: US$103.5m (loss narrowed 32% from 3Q 2024). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Interactive Media and Services industry in Italy. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Nov 06
Snap Inc. (NYSE:SNAP) announces an Equity Buyback for $500 million worth of its shares. Snap Inc. (NYSE:SNAP) announces a share repurchase program. Under the program, the company will repurchase up to $500 million worth of its Class A common stock. The purpose of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture. The repurchases under the program will be funded from existing cash and cash equivalents. The program will be valid for a period of 12 months. Announcement • Oct 03
Snap Inc. and Samba TV Study Demonstrate Impactful Entertainment Outcomes Across Streaming and Theatrical Releases Snap Inc. and Samba TV released compelling study results demonstrating Snapchat Advertising's ability to drive measurable outcomes at scale. Amid a thriving box office and a theatrical industry slated for continued growth, entertainment marketers are navigating an environment where accountability and proven ROI are paramount, Samba TV's study shows how Snapchat delivers consistent results across streaming, linear, and theatrical campaigns, moving audiences from discovery to action. The study, analyzing 29 media and entertainment campaigns, found that Snapchat ads delivered both upper- and lower-funnel impact, from boosting viewership to sustaining ticket sales long after opening weekend. The findings arrive at a moment when marketers are rethinking media plans to capitalize on the box office resurgence and balance awareness with conversion. Snapchat's proven ability to influence outcomes across the entertainment funnel, paired with Samba TV's independent first-party dataset and identity graph gives advertisers a unified view of campaign performance across the entire consumer journey. In 12 campaigns focused on promoting new movie releases in a booming theatrical market, Snapchat drove an average 79% incremental lift in ticket sale conversions, proving a positive investment for entertainment marketers. The study identified Snapchat's Commercials and Story Ads performed strongest, driving 5x and 3x lift respectively. Among light TV viewers, a segment of viewers that watch low levels of traditional television who are increasingly challenging to reach, Snapchat achieved an average 99% lift in ticket sales. Samba TV's study also demonstrated that Snapchat's ad campaigns had staying power long after the exposure with continued incremental ticket sales more than 30 days after release, further underscoring Snapchat's role in sustaining momentum when maximizing returns in a strong box office environment matters most. Across 17 campaigns promoting streaming and linear programming, Samba TV reported that Snapchat delivered an average 32% lift in viewership, with standout performance from formats including Lenses, Story Ads, and Reminder Ads. Every campaign in the study achieved statistically significant outcomes, proving that entertainment advertisers can rely on Snapchat to cut through crowded launch windows and fragmented media consumption habits. With more than 75% of 13- to 34-year-olds in more than 25 countries, Snapchat is a critical channel for entertainment marketers looking to reach audiences where they spend their time. To understand whether campaigns are driving impact, advertisers need access to comprehensive, full-funnel insights. Samba TV's first-party dataset spans TV, digital, and social channels, enabling brands and agencies to measure performance based on real-world business outcomes from box office sales to brand lift, retail visitation, and digital conversions. Announcement • Sep 05
Michael O’Sullivan to Leave as General Counsel and Secretary of Snap Inc. on December 31, 2025 Snap Inc. announced that on September 3, 2025, Michael O’Sullivan, General Counsel and Secretary, notified the company that he will be leaving on December 31, 2025. Mr. O’Sullivan has confirmed that his decision is not related to any disagreement with the company on any matter relating to accounting, strategy, management, operations, policies, or practices (financial or otherwise). Announcement • Aug 22
Holzer & Holzer, Llc Announces Lawsuit Filed Against Snap Inc A shareholder class action lawsuit has been filed against Snap Inc. The lawsuit alleges that Defendants made materially false and/or misleading statements and/or failed to disclose material adverse information regarding the true state of Snap’s advertising revenue growth rate. The deadline to ask the court to be appointed lead plaintiff in the case is October 20, 2025.
Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021, 2022, and 2023, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. Recent Insider Transactions • Aug 21
Insider recently sold €1.1m worth of stock On the 18th of August, Ajit Mohan sold around 184k shares on-market at roughly €6.15 per share. This transaction amounted to 3.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €12m more than they bought in the last 12 months. Reported Earnings • Aug 06
Second quarter 2025 earnings released: US$0.16 loss per share (vs US$0.15 loss in 2Q 2024) Second quarter 2025 results: US$0.16 loss per share (further deteriorated from US$0.15 loss in 2Q 2024). Revenue: US$1.34b (up 8.7% from 2Q 2024). Net loss: US$262.6m (loss widened 5.6% from 2Q 2024). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Interactive Media and Services industry in Italy. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Jul 12
Snap Inc., Annual General Meeting, Aug 01, 2025 Snap Inc., Annual General Meeting, Aug 01, 2025. Announcement • Jul 11
Snap Inc. to Report Q2, 2025 Results on Aug 05, 2025 Snap Inc. announced that they will report Q2, 2025 results on Aug 05, 2025 New Risk • Jul 01
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: US$532m Forecast net loss in 3 years: US$6.5m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$6.5m net loss in 3 years). Significant insider selling over the past 3 months (€2.5m sold). Announcement • Jun 21
Snap Inc. (NYSE:SNAP) acquired Saturn Technologies Inc. Snap Inc. (NYSE:SNAP) acquired Saturn Technologies Inc. on June 20, 2025. Snap says almost the entire Saturn team is joining Snap as part of the acquisition, with just under 30 full-time employees coming on board.
Snap Inc. (NYSE:SNAP) completed the acquisition of Saturn Technologies Inc. on June 20, 2025. Announcement • Jun 11
Snap to Launch New Lightweight, Immersive Specs in 2026 Snap Inc. announced at the Augmented World Expo 2025 that it is launching lightweight, immersive Specs in 2026. Specs are an ultra- powerful wearable computer integrated into a lightweight pair of glasses, featuring see-through Lenses that enhance the physical world with digital experiences. Snap's all-new Specs are uniquely positioned to understand the world through advanced machine learning, bring AI assistance into three-dimensional space, enable shared games and experiences with friends, and provide a flexible and powerful workstation for browsing, streaming, and more. People use AR Lenses in the Snapchat camera 8 billion times per day, and over 400,000 developers have built more than 4 million Lenses with Snap's AR tools. Snap released its fifth generation of Spectacles for developers in 2024, paving the way for the public launch of Specs in 2026. Developers all over the world are already building new experiences, including: Super Travel from Gowaaa helps global travelers translate signs, menus, and receipts and convert currencies. Drum Kit from Paradiddle teaches new drummers how to play by overlaying cues on a real drum set and listening to the notes. Pool Assist from Studio ANRK helps players make better shots in pool. Cookmate from Headraft finds recipes based on available ingredients and provides step-by-step cooking guidance in the kitchen. Wisp World from Liquid City brings on whimsical adventures to playfully explore the world around you. The company also announced major updates to Snap OS, building on feedback and suggestions from its developer community: Deep Integrations with OpenAI and Gemini on Google Cloud: The company now enable developers to build multimodal AI-powered Lenses and publish them for the Spectacles community. For example, developers are using AI to provide text translation and currency conversion (Super Travel), suggest recipes (Cookmate), and bring on whimsical adventures (Wisp World) based on what see, say, or hear while wearing Spectacles. The company offer camera access designed with privacy in mind through proprietary Remote Service Gateway. Depth Module API: Translates 2D information from large language models in order to anchor AR information accurately in three dimensions, unlocking a new paradigm for spatial intelligence. Automated Speech Recognition API: Enables real-time transcription with support for 40+ languages including non-native accents with high accuracy. Snap3D API: lets developers generate 3D objects on the fly inside Lenses. Snap is also launching new tools specifically for developers building location-based experiences, making it easier to bring monuments, museums, and more to life: Fleet Management app: Enables developers to remotely monitor and manage multiple pairs of Specs. Guided Mode: Developers can configure Specs to launch directly into a single-player or multiplayer Lens quickly for a seamless visitor experience. Guided Navigation: This feature makes it easy to build AR-guided tours that direct people through a series of landmarks at events or museums. These tools support developers like Enklu, which operates holographic theater Verse Immersive in more than a dozen locations across the US. Now, Verse Immersive customers in Chicago can use Spectacles to play their new game SightCraft with friends, and it will roll out in more locations this year. And coming soon: Niantic Spatial VPS: company partnering with Niantic Spatial to bring their Visual Positioning System to Lens Studio and Specs to build a shared, AI-powered map of the world. WebXR Supportin the browser: Will enable developers to build, test, and access WebXR experiences. Recent Insider Transactions • May 20
Senior Vice President of Engineering recently sold €907k worth of stock On the 16th of May, Eric Young sold around 118k shares on-market at roughly €7.71 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €12m more than they bought in the last 12 months. New Risk • May 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risk Significant insider selling over the past 3 months (€2.9m sold). Breakeven Date Change • Apr 30
No longer forecast to breakeven The 40 analysts covering Snap no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$98.4m in 2027. New consensus forecast suggests the company will make a loss of US$19.9m in 2027. Breakeven Date Change • Apr 16
Forecast to breakeven in 2027 The 40 analysts covering Snap expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$98.4m in 2027. Average annual earnings growth of 56% is required to achieve expected profit on schedule. 
