<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image56.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image56.png"/></p>
<p>周三，Snap 股价在盘前交易中大幅下跌，此前 Citizens 将该社交媒体公司的评级下调，原因是其第二季度营收未达预期。</p>
<p>分析师 Andrew Boone 将该股评级从 “跑赢大盘” 下调至 “与大盘持平”，并取消了之前每股 12 美元的目标价。</p>
<p>此次下调评级是因为 Snap 第二季度的营收为 13.4 亿美元，略低于 LSEG 调查的分析师预期的 13.5 亿美元。</p>
<p>该公司还报告了全球每用户平均收入（ARPU）为 2.87 美元，低于 2.90 美元的共识预期。</p>
<p>消息公布后，股价在盘前交易中下跌了 18%。</p>
<h2>竞争与参与挑战</h2>
<p>Boone 指出，用户时间和注意力的竞争加剧是一个主要的阻力因素。</p>
<p>尽管 Snap 报告了全球观看内容的时间和内容观众数量的同比增长，但该公司并未提供北美特定的参与数据。</p>
<p>Boone 表示担忧，认为该市场的观看时间可能已经下降。</p>
<p>“我们担心参与度的下降可能会持续，因为我们不清楚 Snap 如何重新赢回用户的时间，” Boone 在给客户的报告中写道。</p>
<p>他还指出，来自更大平台的竞争压力可能会加剧这一挑战。</p>
<p>分析师指出，Snap 最近几个季度在基础设施支出上的缩减可能在短期内节省资金，但可能导致在人工智能能力上的投资不足。</p>
<p>这种技术在内容个性化、用户参与和数字广告竞争中变得越来越重要。</p>
<h2>财务限制与广告收入放缓</h2>
<p>Boone 承认 Snap 拥有 29 亿美元的强劲现金储备，但预计该公司在 2025 年的 EBITDA 利润率仅为 8%。</p>
<p>他质疑该公司是否具备财务灵活性，以进行与更大竞争对手在用户参与和广告变现方面保持同步所需的 “重大人工智能投资”。</p>
<p>广告部门仍然是一个特别关注的问题。Snap 第二季度的广告收入同比增长 4%，低于第一季度 9% 的增长。</p>
<p>Boone 将该公司的广告执行描述为 “仍然不稳定”，并补充说这种不确定性促使 Citizens 决定暂时观望。</p>
<p>“由于广告执行仍然不稳定，我们在结果公布后选择观望，因为我们认为股价的风险/回报现在已经平衡，” Boone 写道。</p>
<h2>分析师情绪仍然基本中立</h2>
<p>Boone 的下调评级与对 Snap 的更广泛分析师情绪一致，分析师们仍然持谨慎态度。</p>
<p>根据 LSEG 数据，在覆盖该股票的 43 位分析师中，大多数——33 位——给予买入或强烈买入评级。</p>
<p>其余分析师持更中立的观点，反映出对变现、参与趋势和竞争压力的持续担忧。</p>
<p>目前，Citizens 认为该股在短期内的上涨空间有限，第二季度的失利突显了 Snap 在重新吸引用户注意力、稳定广告业务和在人工智能基础设施上进行足够投资以与更大社交媒体竞争者竞争方面面临的挑战。</p>
<p>该文章的标题为 “Snap 股价在盘前交易中因 Citizens 下调评级而暴跌 18%” 首次出现在 Invezz 上。</p>

SNAP

<p>Snap 的股票在盘前交易中下跌了 18%，原因是 Citizens 将其评级下调，因第二季度营收为 13.4 亿美元，略低于预期。分析师 Andrew Boone 将评级下调至市场表现，并取消了 12 美元的目标价，理由是竞争加剧和用户参与度挑战。尽管现金状况良好，但广告执行和对人工智能投资需求的担忧被强调。总体而言，分析师的情绪依然谨慎，大多数分析师维持买入评级，但承认用户参与和变现方面仍面临持续挑战</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/08/image56.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/08/image56.png"/></p>
<p>Snap shares tumbled in premarket trading on Wednesday after Citizens downgraded the social media company following a second-quarter revenue miss.</p>
<div class="lb-trans"><p>周三，Snap 股价在盘前交易中大幅下跌，此前 Citizens 将该社交媒体公司的评级下调，原因是其第二季度营收未达预期。</p>
</div><p>Analyst Andrew Boone cut his rating on the stock to market perform from market outperform and removed his previous $12 per share price target.</p>
<div class="lb-trans"><p>分析师 Andrew Boone 将该股评级从 “跑赢大盘” 下调至 “与大盘持平”，并取消了之前每股 12 美元的目标价。</p>
</div><p>The downgrade came as Snap’s second-quarter revenue came in at $1.34 billion, slightly below the $1.35 billion analysts surveyed by LSEG had expected.</p>
<div class="lb-trans"><p>此次下调评级是因为 Snap 第二季度的营收为 13.4 亿美元，略低于 LSEG 调查的分析师预期的 13.5 亿美元。</p>
</div><p>The company also reported global average revenue per user (ARPU) of $2.87, falling short of the $2.90 consensus estimate.</p>
<div class="lb-trans"><p>该公司还报告了全球每用户平均收入（ARPU）为 2.87 美元，低于 2.90 美元的共识预期。</p>
</div><p>Shares dropped 18% in premarket trading on the news.</p>
<div class="lb-trans"><p>消息公布后，股价在盘前交易中下跌了 18%。</p>
</div><h2>Competition and Engagement Challenges</h2>
<div class="lb-trans"><h2>竞争与参与挑战</h2>
</div><p>Boone cited rising competition for user time and attention as a key headwind.</p>
<div class="lb-trans"><p>Boone 指出，用户时间和注意力的竞争加剧是一个主要的阻力因素。</p>
</div><p>While Snap reported year-over-year growth in both global time spent watching content and the number of content viewers, the company did not provide North America-specific engagement data.</p>
<div class="lb-trans"><p>尽管 Snap 报告了全球观看内容的时间和内容观众数量的同比增长，但该公司并未提供北美特定的参与数据。</p>
</div><p>Boone expressed concern that the time spent in that market may have declined.</p>
<div class="lb-trans"><p>Boone 表示担忧，认为该市场的观看时间可能已经下降。</p>
</div><p>“We worry that engagement losses are likely to continue as it is unclear to us how Snap wins back users’ time,” Boone wrote in a note to clients.</p>
<div class="lb-trans"><p>“我们担心参与度的下降可能会持续，因为我们不清楚 Snap 如何重新赢回用户的时间，” Boone 在给客户的报告中写道。</p>
</div><p>He also flagged that competitive pressure from larger platforms could exacerbate the challenge.</p>
<div class="lb-trans"><p>他还指出，来自更大平台的竞争压力可能会加剧这一挑战。</p>
</div><p>The analyst noted that Snap’s pullback in infrastructure spending in recent quarters may save money in the short term but could result in underinvestment in artificial intelligence capabilities.</p>
<div class="lb-trans"><p>分析师指出，Snap 最近几个季度在基础设施支出上的缩减可能在短期内节省资金，但可能导致在人工智能能力上的投资不足。</p>
</div><p>Such technology has become increasingly important for competing in content personalization, user engagement, and digital advertising.</p>
<div class="lb-trans"><p>这种技术在内容个性化、用户参与和数字广告竞争中变得越来越重要。</p>
</div><h2>Financial constraints and ad revenue slowdown</h2>
<div class="lb-trans"><h2>财务限制与广告收入放缓</h2>
</div><p>Boone acknowledged Snap’s strong cash position of $2.9 billion but projected that the company will post just 8% EBITDA margins in 2025.</p>
<div class="lb-trans"><p>Boone 承认 Snap 拥有 29 亿美元的强劲现金储备，但预计该公司在 2025 年的 EBITDA 利润率仅为 8%。</p>
</div><p>He questioned whether the company has the financial flexibility to make the “material AI investments” needed to keep pace with larger rivals in both user engagement and ad monetization.</p>
<div class="lb-trans"><p>他质疑该公司是否具备财务灵活性，以进行与更大竞争对手在用户参与和广告变现方面保持同步所需的 “重大人工智能投资”。</p>
</div><p>The advertising segment remains a particular concern. Snap’s ad revenue grew 4% year over year in the second quarter, a slowdown from the 9% growth recorded in the first quarter.</p>
<div class="lb-trans"><p>广告部门仍然是一个特别关注的问题。Snap 第二季度的广告收入同比增长 4%，低于第一季度 9% 的增长。</p>
</div><p>Boone described the company’s advertising execution as “still volatile,” adding that this uncertainty contributed to Citizens’ decision to move to the sidelines.</p>
<div class="lb-trans"><p>Boone 将该公司的广告执行描述为 “仍然不稳定”，并补充说这种不确定性促使 Citizens 决定暂时观望。</p>
</div><p>“With advertising execution still volatile, we are moving to the sidelines following results as we believe the risk/reward in shares is now balanced,” Boone wrote.</p>
<div class="lb-trans"><p>“由于广告执行仍然不稳定，我们在结果公布后选择观望，因为我们认为股价的风险/回报现在已经平衡，” Boone 写道。</p>
</div><h2>Analyst sentiment remains largely neutral</h2>
<div class="lb-trans"><h2>分析师情绪仍然基本中立</h2>
</div><p>Boone’s downgrade aligns with the broader analyst sentiment on Snap, which remains cautious.</p>
<div class="lb-trans"><p>Boone 的下调评级与对 Snap 的更广泛分析师情绪一致，分析师们仍然持谨慎态度。</p>
</div><p>According to LSEG data, of the 43 analysts covering the stock, the majority — 33 — have a buy or strong buy rating.</p>
<div class="lb-trans"><p>根据 LSEG 数据，在覆盖该股票的 43 位分析师中，大多数——33 位——给予买入或强烈买入评级。</p>
</div><p>The remainder hold more neutral views, reflecting ongoing concerns about monetization, engagement trends, and competitive pressures.</p>
<div class="lb-trans"><p>其余分析师持更中立的观点，反映出对变现、参与趋势和竞争压力的持续担忧。</p>
</div><p>For now, Citizens sees limited near-term upside for the stock, with the second-quarter miss underscoring the challenges Snap faces in regaining user attention, stabilizing its advertising business, and investing adequately in AI infrastructure to compete with larger social media players.</p>
<div class="lb-trans"><p>目前，Citizens 认为该股在短期内的上涨空间有限，第二季度的失利突显了 Snap 在重新吸引用户注意力、稳定广告业务和在人工智能基础设施上进行足够投资以与更大社交媒体竞争者竞争方面面临的挑战。</p>
</div><p>The post Snap shares plunge 18% in premarket open after Citizens downgrade over Q2 miss appeared first on Invezz</p>
<div class="lb-trans"><p>该文章的标题为 “Snap 股价在盘前交易中因 Citizens 下调评级而暴跌 18%” 首次出现在 Invezz 上。</p>
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Snap 股价在盘前交易中暴跌 18%，因 Citizens 因第二季度业绩不达预期而下调评级