19.25 0.00 (0.00%)
After hours: 7:58PM EDT
|Bid||19.25 x 3200|
|Ask||19.24 x 1000|
|Day's Range||19.06 - 20.03|
|52 Week Range||7.89 - 20.03|
|Beta (5Y Monthly)||1.10|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul 21, 2020 - Jul 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||17.89|
Snapchat is the latest social media company to take on the president, Fitbit gets approval for its emergency ventilator and we review the new Sonos soundbar. Snap announced that it will not be promoting content from President Donald Trump’s Snapchat account in its Discover tab, following statements from Trump last week on Twitter threatening that protestors could be met with “vicious dogs” and “ominous weapons.”
Snap Inc (NYSE: SNAP) will no longer promote U.S. President Donald Trump's account on Snapchat's "Discover" page. Axios' Sara Fischer was a guest on CNBC's "Squawk Box" to discuss her report and the broader takeaway in the social media sector.Impact On FacebookSnapchat's decision contrasts Facebook, Inc. (NASDAQ: FB) Mark Zuckerberg, who said the company doesn't want to take on the role of being "arbiters of truth."Fischer said Zuckerberg is now in a position where he may need to compromise his long-term vision of Facebook being a free speech zone while his biggest rivals are taking the exact opposite option. As such, it may prove to be a "long battle ahead" if it wants to keep its position.Let The People Decide?"Squawk Box" co-host Joe Kernan said the American public should be the one to decide for themselves what to believe instead of an appointed fact-checker "deciding what I am allowed to see."Snap appears to be taking a position where it wants to warn its users that "as a company disagrees with some of the content," Fischer said. While this is a subjective position for domestic politics, companies will need to "take a line" in places like Myanmar that incite violence over social media outlets.Related Links:Trump Signs Executive Order To End Social Media Legal Immunity For Third-Party ContentTrump Had A 'Productive' Call With Facebook CEO Day After He Signed Executive Order Targeting Social MediaSee more from Benzinga * Facebook CEO Mark Zuckerberg Talks Working From Home, Fact-Checking Trump * Facebook's New Shopping Feature Lifts Stock To All-Time Highs * What We Know About Facebook Shops(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- On Wednesday, Snap Inc. did something that Facebook and Twitter will probably never do. The company decided that because Donald Trump had been promoting racism and violence in public statements, his content should no longer appear on the app's Discover feed. His Snapchat videos are still intact, but they won’t be served up to people not already following him.It was a simple solution—in stark contrast to Snap's social media competitors, where every debate about what content to leave up and take down tends to become mired in companies’ complex, ever-changing policies that not even employees understand.Forays into moderating political speech have landed social media companies in an increasingly tenuous position. Twitter Inc. for the first time last week decided to put a warning label on a Trump tweet that the company said glorified violence, meeting swift White House blowback. Facebook Inc. left a post with the same language up on its site with no extra context and was greeted with unprecedented employee dissent.This week as he tried to quell the outrage, Zuckerberg faced his employees with a nuanced policy rebuttal that was tough to parse: Facebook only takes down posts that are "inciting" violence, he said, and the company didn't think Trump's post did that, but if Twitter thought Trump's post did that, Twitter should have taken the post down entirely. There may be a middle-ground solution, he added, but figuring that out will take time. If you're still reading, it’s worth remembering that even that is an oversimplification. Sometimes Facebook enforces its policies on violent speech, and sometimes it doesn't. Sometimes politicians get an exemption, sometimes they don't.Both Twitter and Facebook are desperately trying to appear neutral and even-handed with their decisions on each post. But as former employees said in an open letter to Zuckerberg on Wednesday, "Facebook isn't neutral, and never has been." The platform has always been biased in favor of content that gets more attention. Like most social media companies, Facebook's algorithms boost the content that gets the most engagement, allowing some posts to spread quickly through the platform. It generally doesn’t stop that from happening, and errs on the side of not removing users’ posts. Zuckerberg says this is because even though the first amendment doesn’t apply to his private platform, he likes to operate by a free speech philosophy. But in debates about social media censorship, first amendment scholars caution that freedom of speech isn't the same thing as freedom of reach. You are guaranteed a voice—but not an audience, or virality.Snap's innovation was to take away Trump's reach. It may have been a masterstroke of moderation, side-stepping the issue entirely. Or its decision to make a call based on instinct, rather than a weighty policy rulebook, could set a difficult precedent. But either way, it's opened up a new front in the fight over who gets to say what, and to whom, online. In the end, after the company announced the decision, Trump was just as angry with Snap as he was with Twitter for a much milder action. The president, it seems, doesn't care about winding arguments about moderation policy. He cares about winning.If you read one thingAll the packages you've ordered online during the pandemic come from warehouses where many workers have to interact, sometimes spreading Covid-19. And then, they go home to their families.And here’s what you need to know in global technology newsAfter all the police violence against protesters, Zoom drew sharp criticism for saying it would avoid strong encryption for free calls to help law enforcement with their cases.Uber's rides business is down more than 70%, indicating a slow recovery for the company after the virus. The video game publisher behind the Grand Theft Auto franchise, Take-Two, cancelled its contract with a smaller developer—and then tried to poach its entire team. The aggressive moves, plus Covid-19 hardships, forced the smaller developer to shut down.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Snap, the parent of the camera and messaging app, said it had removed Donald Trump’s account from the Discover feed, which typically highlights curated content from politicians, celebrities and news outlets. “We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover,” a spokesperson said. Snap’s action is similar to that of Twitter, which hid a tweet on the Black Lives Matter protests by the president that it viewed as “glorifying violence”.
Snap (SNAP) closed the most recent trading day at $19.73, moving -0.1% from the previous trading session.
Snapchat will stop “promoting” President Donald Trump on its video messaging service, the latest example of a social media platform adjusting how it treats this U.S. president.
In doing so, the company dived headlong into the debate over how social media platforms should regulate content posted by prominent users.
Snap on Wednesday announced it will stop promoting the account of President Trump on one of its curated pages, for violating rules pertaining to racial violence and injustice.
Snap just booted Donald Trump from its Discover feature, minimizing his profile on the platform.
(Bloomberg) -- Snap Inc. is no longer promoting U.S. President Donald Trump’s content in the news section of its Snapchat app, citing his posts on Twitter that threatened violence against protesters. The move prompted a sharp rebuke from Trump’s re-election campaign.“We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover,” Snap said Wednesday in a statement. “Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equality, and justice in America.”Trump’s Snapchat account remains publicly available, but the decision will affect his reach on the platform. While the president has 1.5 million followers, he received the most attention when Snapchat would display his posts in the Discover section, potentially reaching hundreds of millions of people who use the social-networking app. Snapchat will be particularly important for reaching young and first-time voters ahead of the 2020 election, with schools and other gathering places potentially closed.“Snapchat is trying to rig the 2020 election,” campaign manager Brad Parscale said in a statement. “Snapchat hates that so many of their users watch the President’s content and so they are actively engaging in voter suppression. If you’re a conservative, they do not want to hear from you, they do not want you to vote. They view you as a deplorable and they do not want you to exist on their platform.” Snap shares fell as much as 4.3% on Wednesday. Trump recently posted messages on Twitter and Facebook that included the phrase “when the looting starts, the shooting starts,” in response to protests over the police killing of George Floyd. That prompted tech companies to weigh if the president broke their rules about inciting violence. It has also sparked a heated debate about how social media rules should be applied to world leaders versus regular users.Twitter Inc. put a warning label on Trump’s post, while Facebook Inc. did nothing, standing by its decision even after employees protested publicly.Snap’s move was based on another Trump tweet from May 30 in which he warned that if protesters came close to breaching the White House fence “they would have been greeted with the most vicious dogs and ominous weapons.” The president frequently reposts his tweets to Snapchat, though the warning about the dogs was not reposted.Snap decided that, unlike Twitter and Facebook, it’s not attempting to be a neutral town square. The Discover page uses a mix of manual and algorithmic curation, while Twitter and Facebook rely on automation based on data about viral sharing and other measures of popularity. Snap’s decision was reported earlier by the New York Times.(Updates with Trump campaign comment in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Snap Inc said it would no longer promote U.S. President Donald Trump's account in Snapchat's Discover section, saying his incendiary comments last week made the account ineligible for the curated section where users explore new content. "We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover," the company said in a statement. "Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equality, and justice in America."
Snap announced this morning that it will not be promoting content from President Trump's Snapchat account in its Discover tab following statements from Trump last week on Twitter, which threatened that protestors could be met with “vicious dogs” and “ominous weapons." The move is notable for many reasons, but is particularly interesting because social media platforms have tended to only discipline popular accounts when they've violated the rules on their own platform. Snapchat users will still be able to access content from Trump's feed if they subscribe to it or search specifically for the account.
(Bloomberg Opinion) -- One of the most feared antagonists in the “Star Trek” universe is the seemingly unstoppable alien species called the Borg. These cybernetic aliens travel the galaxy, conquering and assimilating everything in their path while greeting each new victim with the catch-phrase, “Resistance is futile.”In many ways, the prevailing narrative around Big Tech is similar to this sci-fi series villain story line. Pundits often cite how the technology giants’ vast financial resources and R&D budgets will lead to an inexorable march to control more and more of the economy. And sure, on the surface it makes sense. Apple Inc. and Google-parent Alphabet Inc. sport net cash balances of roughly $100 billion each and dominate their respective markets, generating vast profit streams from smartphones to search engines. Together with Facebook Inc., Netflix Inc. and Microsoft Corp., these behemoths also reign over the stock market with their ballooning valuations. How can any smaller company hope to compete against such power in the current difficult environment?The reality paints a much less daunting picture. It turns out that the Covid-19 era has led to an explosion of innovation and rapid growth for dozens of smaller technology companies. Many of these upstarts — from video-conferencing software maker Zoom Video Communications Inc. to cloud-computing firm Datadog Inc. — are emphatically winning even as the tech giants try to squash them. And they’re doing it in many cases by simply making a better product and having a laser focus on it. There’s a flaw in the concept that Big Tech can easily expand into new markets by leveraging the power of their core businesses. The reason is all companies – big or small – have finite top-tier engineering talent. And of course, companies tend to put their best people on their most important profit-making segments, versus any peripheral new markets, opening the door for the upstart specialists to thrive.Earlier this year, I wrote how corporations were flocking to software vendors such as Zoom for solutions on how to get the job done at a time when their employees were forced to work from home amid lockdown restrictions. Since then, Big Tech has taken particular aim at the software company as they sought to push their own video-conferencing tools. Last month, Google added a large, blue-colored “Add Google Meet video conferencing” button any time a Google Calendar user tries to add an appointment, while its Gmail accounts with its billion-plus user base also conspicuously have Google Meet in the lower left corner at all times. Microsoft, meantime, has sought to capitalize on early security concerns with Zoom to promote its Teams product. Despite the aggressive moves, you couldn’t see any negative impact in Zoom’s results. Late Tuesday, the upstart posted April-quarter sales results that crushed Wall Street estimates. The company posted first-quarter revenue of $328 million, up 169% from a year earlier, versus the $203 million Bloomberg consensus. It also projected a sales range of $495 million to $500 million for the current quarter, more than double the $222 million analyst estimate. Zoom shares climbed 5% on Wednesday, adding to year-to-date gains that already topped 200%.That’s just Zoom. There are plethora of cloud software names — including monitoring analytics provider Datadog and user authentication company Okta, Inc. — that are also seeing surging demand for their services and the soaring stock prices to match. These companies are building out comprehensive offerings and stronger leadership positions in their respective categories that will be harder to displace as they grow in stature. And it’s still early innings on the growth curve for many of these firms. The move to cloud-computing is a seminal paradigm shift similar in scope to the transition to mobile smartphones nearly a decade ago. Gartner said the world-wide enterprise technology market was $3.7 trillion last year. Even if the economy contracts, it will be a large market, with lots of room for fast-growing companies to make meaningful share gains as spending shifts toward new technologies. “The trends of digital transformation and cloud migration remain very much intact over the long term and may even be accelerated or amplified,” Datadog CEO Olivier Pomel said during his May earning call with investors. Another recent example of Big Tech’s failure is Amazon.com Inc.’s foray into gaming. After years of development, the e-commerce giant released its first big-budget video game “Crucible” last month to much fanfare, even advertising the title on the front page of its website. It was meant to be the Amazon’s beachhead into the large attractive gaming market. It didn’t go well. To illustrate, just a couple weeks after its launch “Crucible” has precipitously fallen in the Twitch charts, a key indicator of gamer engagement, to roughly 100 viewers or barely in the top 500 titles. It turned out to be a complete flop, even as Epic Games Inc.’s Fortnite remains a fan favorite.Despite the worries over Big Tech’s growing dominance, the flip side may actually be the bigger risk. Last month, I wrote how other retailers appear to be taking advantage of Amazon’s service troubles to make incursions, which has allowed them to grow their e-commerce businesses at triple-digit rates. In social media, the short-video platform TikTok has also surged in popularity. Last week, Bloomberg News reported TikTok’s parent ByteDance Ltd.’s revenue for last year more than doubled to more than $17 billion from $7.4 billion in 2018, a level of sales nearly triple that of Twitter Inc. and Snap Inc. combined. Incredibly, if TikTok continues it current growth trajectory, it has the potential to surpass some of Facebook’s key platforms within a few years. And speaking of Facebook, its latest big push into e-commerce space, Facebook Shops, relies in great deal on a partnership with online-store software maker Shopify Inc. and its extensive array of commerce tools for small businesses.History shows the tech industry’s reputation for disruption is unmatched. And if it is any guide, investors shouldn’t overlook or underestimate the industry’s up-and-comers, even in — or should I say especially in — times like these. This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Snap today announced the global expansion of its new advertising product, Dynamic Ads. The ad product introduced last fall allows advertisers to automatically create ads in real time, using the brand's extensive product catalogs. Snap provides a variety of mobile-ready templates for advertisers to choose from, then serves the ads to Snapchat's 229 million daily active users based on their interests.
Snap stock soared after reporting first-quarter results recently that smashed Wall Streets estimates at a time of growing concern over how the Covid-19 pandemic has cut into ad spending.
Snap has said it will cease to promote Donald Trump’s account on its platform for “inciting racial violence”, becoming the latest social media group to clamp down on the US president’s content and provoke his campaign’s ire. Snap, the parent of the camera and messaging app Snapchat, on Wednesday said it removed Mr Trump’s account from its Discover feed, which typically features curated content from politicians, celebrities and news outlets. The president’s account will still remain on the platform.
Snapchat’s CEO Evan Spiegel announced Wednesday that it would stop promoting President Trump’s content on its platform. This move would bring Snapchat’s approach to the president’s rhetoric closer to Twitter’s, while Facebook has maintained it will not take action. Yahoo Finance’s Akiko Fujita joins The Final Round panel to break down Trump’s response to Snapchat’s statements.
SNAP said they will no longer promote President Trump’s on their platform after saying his tweets incited violence .
Is Snap (SNAP) the "house in a tornado-devastated community that went unscathed?" It is, according to Deutsche Bank analyst Lloyd Walmsley's contacts.The 5-star analyst relayed information from a “large advertiser” who claimed Snapchat managed to withstand the pandemic-driven ad headwinds better than other social media platforms. This information has boosted Walmsley’s confidence in Snap’s ability to outperform in the coming months.The Deutsche Bank analyst said, “When Snap reported 1Q, it implied growth went to 6%-plus exiting March, was 15%-plus in April through 4/21, but had grown 11% in the week ending 4/21. Since then, the broader online advertising environment has improved considerably; thus, we think our $428 million estimate for 2Q (vs consensus at $427 million), 10%-plus year-over-year, is beatable and our above-consensus 3Q 18%-plus also looks conservative.”However, that’s not all Snap has going for it. The photo app is winning new fans faster than it can make a Snap disappear.In a recent Deutsche Bank survey of 1,000 social media users, Snapchat showed “stand out results.” These include being the only platform to see confidence in its promoted products rise (up from 40% to 44% compared to the previous survey), and notable growth in percent of users following a brand, up from 46% to 53%. Additionally, engagement with ads for brands or products displayed a significant increase, up to 61% from 47%.Walmsley is impressed, stating: “We think an increasing focus on performance advertising, deeper ad density and better ad relevance are combining to drive improved ad performance, consistent with results over the last several quarters showing accelerating revenue growth.”The strong customer feedback speaks for itself, and results in a Buy rating from Walmsley along with a price target boost. The figure moves up from $18 to $24. Investors can expect returns in the shape of 22%, should the target be met over the coming months. (To watch Walmsley’s track record, click here)What’s the view on Snap from the rest of the Street? Based on 20 Buys, 8 Holds and 1 Sell, the analyst consensus rates SNAP a Moderate Buy. However, the average price target of $17.95 implies downside potential of 8% from current levels. Either the analysts feel SNAP’s strong 2020 performance has left the stock currently overvalued or models have yet to be updated. (See Snap stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Snap Inc. (SNAP) announced today that it will stream its Snap Partner Summit on June 11, 2020, and is expected to reveal exciting developments in augmented reality and gaming.The virtual event will feature a keynote address by Snap Inc. co-founders Evan Spiegel, CEO, Bobby Murphy, CTO, and other team members from across the company. New product features and partnerships will be announced around Snap's augmented reality offerings, Discover content platform, developer and creator ecosystems, and more. Video breakout sessions which go deeper will be made publicly available following the conclusion of the keynote.“We deeply value our partners and the role they play in empowering our community to express themselves, live in the moment, learn about the world, and have fun together. We’re looking forward to celebrating our partners and sharing more about the future of the products and platforms that we’ve been building together,” said Evan Spiegel.In a letter to investors last Friday, Justin Post of Merrill Lynch maintained a Buy rating for Snap and raised the price target from $17 to $20, stating that Snap has a compelling engagement opportunity around gaming. "We anticipate announcements on new video and gaming content at the Summit as Snap builds out content availability for its highly engaged audience," Post wrote."Games offer a meaningful opportunity for Snap to increase engagement, given its younger audience and mobile first platform," Post went on, adding that the company could generate fees similar to its peers of 20%-30% of in-game revenues. The new price target reflects Snap’s faster revenue growth and bigger monetization opportunity, according to Post.Snap unveiled its first original game, Bitmoji Party, last year. It was a welcome announcement on Wall Street, given that games are overwhelmingly the top-grossing form of mobile app.Wall Street analysts have a Moderate Buy rating consensus on SNAP, with 20 Buys, 8 Holds, and 1 Sell, and a 12-month price target of $17.95. Given SNAP's recent rise, that actually implies 8% downside from its current level of $19.95 per share. (See SNAP stock analysis on TipRanks.)Related News: Google Mulling Purchase of Stake in Indian Vodafone Idea FB Holds ‘Productive’ Call With Trump, As Social Media War Rages On Microsoft Seeks $2B Stake In India’s Jio Platforms- Report More recent articles from Smarter Analyst: * AstraZeneca Seeks To Make 2 Billion Covid-19 Vaccine Doses With New Supply Deals * Ebay Lifts Quarterly Sales and Profit Forecast; Shares Jump To All-Time High * Amazon Is Mulling To Buy $2 Billion Stake In Indian Telecom Bharti Airtel * Southwest Airlines Prices Two-Tranche $1.8 Billion Debt Offering
Tech giants Salesforce, Twitter and Apple were among the first companies to issue public statements about racial injustice.