Closing Snap, Looking for Entry into Netflix

We saw with Shopify that this environment is not going to allow management slide by and not provide formal guidance. Shopify has not provided guidance for some time yet was penalized last quarter (23%) for continuing this pattern. Snap did provide this in their investment letter: “As we look toward Q3, we are pleased with the momentum we have observed in our community, and we estimate that DAU will be approximately 360 million in Q3. Thus far in Q3, revenue is approximately flat on a year-over-year basis.” The story has changed since we first entered the stock, and that’s the #1 reason to close a position.

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