Evan Spiegel

Snap delivered a strong quarter with accelerating advertising conversions (+56% YoY), free cash flow inflecting to offset dilution and strengthen the balance sheet, and direct subscription revenue growing 85% to over $300 million. The company expects to convert 7-12% of its 970 million users to paying subscribers over time. Its Specs augmented-reality glasses represent a new computing platform with first-mover advantage and an ecosystem of hundreds of thousands of AR developers, positioning Snap for sustainable long-term growth.