Yahoo Finance SNAP Unveils Latest Safety Features to Protect Young Users
Snap Inc. SNAP announced a new suite of safety tools designed to protect its community from online harms. The updates include expanded in-app warnings that notify teens when they receive messages from potentially risky accounts, enhanced friending protections to make it harder for strangers to contact users and simplified location-sharing options.
Additionally, Snapchat is improving its blocking tools to prevent repeat harassment from bad actors who create new accounts. The platform will now block new friend requests from other accounts created on the same device as the blocked user. These features aim to safeguard teen users by ensuring that Snapchatters can only be contacted by people they know and trust.
Earlier this year, Snapchat launched its first-ever Council for Digital Well-Being, an 18-month pilot program involving a diverse group of 18 teens aged 13 to 16 from 11 U.S. states. Selected from more than 150 applicants, these council members will share their perspectives on their digital lives and contribute ideas for fostering positive online experiences, which will be included in the app going forward.
Snap Inc. Price and Consensus
Snap Inc. price-consensus-chart | Snap Inc. Quote
Snapchat’s Strong Partner Base to Aid Long-Term Growth
This Zacks Rank #2 (Buy) company has released some safety features to protect and bolster trust for the users. This trust is further boosted by a strong partner base that includes companies like ITV ITVPY, Spotify Technology SPOT and Microsoft MSFT. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Snapchat has strengthened its partner base through strategic collaborations with major content providers and tech companies. Snap’s partnership with ITV brings short-form content from popular shows. This allows Snapchatters to watch, share and discuss highlights and episodes, providing a rich multimedia experience on the platform.
Additionally, Snapchat has innovated music with Spotify sharing through its new Share Track Lens feature, allowing users to share songs while capturing their surroundings, with track information displayed prominently. This enhances the music-sharing experience beyond static backgrounds or short clips.
Moreover, Snapchat has integrated its AR tools with Microsoft’s Skype, offering fun AR experiences to more than 80 million Skype users. These AR tools, such as Lens Studio and Camera Kit, enable users to personalize their chats with various Lenses and are accessible on platforms like Microsoft Teams and SwiftKey.
These partnerships and features demonstrate Snapchat's commitment to enhancing user engagement through diverse and interactive content collaborations.
Conclusion
Snapchat’s increased security offerings and a strong partner base are major positives for the company.
The Zacks Consensus Estimate for SNAP’s second-quarter 2024 earnings per share is pegged at 2 cents, which has increased by a cent in the past 60 days. The consensus mark for 2024 earnings is pegged at 24 cents per share, which has increased 5 cents in the past 60 days.
However, Shares of SNAP have lost 1.3% year to date against the Zacks Computer and Technology sector’s growth of 22.4% in the same time frame.
Lack of revenue diversification is a major concern for Snap. Snapchat's sole reliance on advertising revenues is challenged by declining ad impression prices. Despite efforts to diversify with Snapchat+, ARES and sponsored AR advertising, these new streams have yet to generate substantial income.
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