· 个股论点
这个观点很有趣，但我不同意。鉴于$SNAP在增强现实(AR)开发上的资本支出(capex)如此之高，它本应像$META放弃元宇宙(Metaverse)那样直接砍掉所有AR开发。 他们本应直接宣称：“我们是一家社交媒体公司”，并利用自由现金流(FCF)收购类似早期Facebook的社交媒体公司（而非硬件公司），从而与TikTok/Meta竞争。 如果当初这么做，$SNAP现在市值早已超过800亿美元。然而多年来他们未能产生更多自由现金流，这简直愚蠢至极，也证明了CEO及其愿景有多糟糕。 但他们确实做了一件事，即我原本希望Evan去做的：削减谷歌云(GCP)成本并像iCloud那样对“回忆”功能进行货币化，他们确实做到了。 尽管我认为这是一家管理极差的公司，但我认为从估值角度看，它现在是一个不错的投资标的。
Interesting take but I disagree. $SNAP should have just scrapped any AR development (like $META for Metaverse) given how much capex spend it is. And just went out and say: "We're a social media company" + compete vs Tiktok/Meta by acquiring social media companies like early stage Facebook (instead of hardware ones) with FCF. $SNAP would have been a $80B+ company by now but the fact they're not producing more FCF after all these years is just incredibly stupid and a testament to how bad the CEO + vision is. But they did the one thing I wanted Evan to do which was cut GCP costs and monetize memories like ICloud, which they did. Even though I think it's a terribly run company I think it's a good investment now for the valuation.