Jean Luo

Generally speaking, our large customer business outside of the United States is very strong.

It really just comes down to now this legacy U.S.

brand-oriented advertising.

needs to reaccelerate.

And I think if we can make some progress there, investors will be pleased with the ads product.

But the thing they're really missing is that we've also taken this huge amount of engagement and passion for Snapchat and built other revenue streams, like our direct revenue business, which is over a billion run rate business now growing 87% year over year in the

prior quarter.

And so I think people are not yet appreciating that Snapchat is increasingly diversifying its revenue in ways that I think are much stickier and durable for the long term.

And then I think people really have a question mark around specs and the future of our glasses business, mostly because they haven't seen anything yet.

And so I think it's really hard to underwrite a huge long-term investment in something you haven't seen yet or haven't been able to use or haven't been able to try.

So I think as we get through the year and people are able to actually put the next gen of specs on their face or in their hands, they're going to be able to see what's possible with the product and why we have such a high degree of conviction in it.

you know, for investors, it's hard to underwrite slower ad growth and then huge long term investment.

But I think if ad growth can recover a little bit, people will be more willing to appreciate the direct revenue story.

And then when they see specs, they'll understand what we've been investing billions of dollars into over the last 12 years.

I think you raise a good point, which is that investing in the long term is very, very hard in public companies.

And it's compounded by the fact, if you look at the average tenure for public CEOs now, I think it's like four years or something.

How do you do something really meaningful in technology

If CEO tenure is so short, how do you see through these really important long-term investments?

And you look at any of these profound technology shifts, they don't happen in a couple of years.

It takes a really long time.