Snap may be dismissed by many as a cautionary tale but it is quietly assembling the makings of a comeback. Revenue rose 14 % year over year to $1.36 billion in Q1 2025 as Snapchat + subscriptions climbed 59 % to 15 million users. Daily active users hit 460 million. “Snapchat + subscribers rose 59 % to 15 million in the first quarter”
https://www.reuters.com/business/snap-shelves-quarterly-forecast-economic-uncertainty-risks-ad-budgets-2025-04-29/
Snap is preparing to launch consumer smart glasses next year. CEO Evan Spiegel noted the company has invested over $3 billion developing its AR hardware since the early days of Snapchat. “Before Snapchat had chat we were building glasses”
https://www.investing.com/news/stock-market-news/snap-to-launch-consumer-smart-glasses-in-2025-rivaling-meta-4089433
The technical picture is showing signs of life. Shares trade just above the $9 mark. Analysts from Intellectia project forward P/E of about 38 despite a narrow profit window. Reuters flagged that Snap will not issue Q2 guidance amid ad budget uncertainty—a rare admission that may cloak optimism in caution.
https://www.reuters.com/business/snap-shelves-quarterly-forecast-economic-uncertainty-risks-ad-budgets-2025-04-29/
All this activity sits below the radar of the usual tech chatter. Subscriber gains, user growth, hardware R&D and restrained forecast all point to a company rebuilding under the steady of AI and AR ambition. But there is risk: capital is draining and revenue still skews heavily toward advertising, even with new subscription layers appearing.
Snap has a structural runway: subscriptions, augmented reality, global DAUs, but funding it demands patience, capital markets access and flawless execution. The real question is not whether the upside exists but whether Snap can finance it without dilution or missteps.
Note: This is not financial advice and is for educational purposes only. Please conduct your own due diligence.