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Snap Inc (NYSE:SNAP)'s woes within the social media space are due to management's inability to properly manage the company, at least according to James Cakmak, an analyst with Monness, Crespi, Hardt.
Snap's most recent earnings report was frustrating because it showed management isn't "doubling down" resources where it has strengths, Cakmak explained during CNBC's "Squawk on the Street" segment on Monday. For example, Snap is ahead of Facebook Inc (NASDAQ:FB) in terms of content and does offer a compelling user experience through augmented reality features like the dancing hot dog.
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However, instead of leveraging its advantages in these areas Snap isn't bringing in new users and simultaneously it isn't educating existing users about other features like search and maps. In fact, the analyst is willing to give Snap zero leeway in terms of chalking up its poor performance to merely struggling to compete with the industry titan, Facebook.
"One hundred percent of their problems is self inflicted -- if the users are there and they aren't monetizing by definition it's on them."
The same logic also applies to Twitter Inc (NYSE:TWTR), the analyst added. Similarly, Twitter has many strengths in its business but instead it is trying to be "everything for everyone."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.