"Recent ad checks give credence to a successful ad platform rebuild at SNAP, evidenced by growing purchase-related conversions, which, we believe supported a second sequential quarter of ad-spend acceleration from 3Q23 to 4Q23, and potentially a continued acceleration into 1Q24," analysts wrote.
"That said, we increase our 2024/25 revenue and 2024/25 EBITDA estimates by 5%/6% and 38%/20%, respectively," the note says.
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