Street nuked SNAP last week after management said the Perplexity integration was “delayed,” analysts pulled forward revenue out of Q1, and the stock got hammered to multi-year lows.
Here’s the part that doesn’t add up:
Perplexity is already live inside Snapchat.
I posted screenshots in the comments showing it active in the app as of today.
So either..
1. This launch never mattered financially (fair), or
2. Analysts overreacted to a short delay that’s already resolved, or
3. Revenue timing got pushed a few days, but the market priced it like the deal died
The selloff was partly driven by uncertainty around a reported \~$400M 2026 revenue opportunity tied to this partnership. SNAP guided weaker Q1 because this launch was excluded. If it’s now live, that overhang is at least gone…even if revenue recognition lags.
Important:
• No press release yet
• No analyst updates yet
• No media coverage yet
Which means this is either nothing… or one of those “it was obvious in hindsight” things.
Position:
Long SNAP shares (bagholding, not calls). Fully prepared to be wrong.
Either Wall Street already knows this doesn’t matter, or they sold first and will ask questions later. I’m betting on the second — but this is SNAP, so clown makeup is always on standby 🤡
Not advice. Do your own DD.
