*By Conor White*
Snap's mixed bag on earnings points to a murky future for the Snapchat app, which may hold more promise as a messaging platform than the ad-supported content powerhouse many people expected it to be, said BTIG's media and tech analyst, Rich Greenfield.
"I think the challenge is more and more time spent feels like it's shifting to communications and away from content," Greenfield said Wednesday in an interview with Cheddar. "So their core use case is very sticky for the entire generation that uses it as their iMessage, essentially."
Optimistic investors may be heartened by Snap's revenue beat in the second quarter, but Greenfield said numbers from the company's earnings report on Tuesday are nothing to celebrate.
"I've never cut my target for a company in terms of revenues by 50 percent over a 14-month period," Greenfield said. "We thought when this company went public they would do $2.5 billion in revenue this year, they're struggling to get to the $1.1, $1.2 \[billion\] revenue this year. "
The analyst said it isn't enough to have millions of people using Snapchat as a messaging platform, since "filters don't make billions of dollars," he said.
Content is still key to Snap's future as a business, Greenfield said.
"They've got to convince people, to make this a multi-billion dollar business, they need people to spend a lot of time on the right side of the app, consuming content."
For more on this story, [click here](https://cheddar.com/videos/snap-loses-daily-active-users-for-first-time-ever).
The Trump administration has issued its first warnings to online services that offer unofficial versions of popular drugs like the blockbuster obesity treatment Wegovy.
Parents of teenagers who died by suicide after interacting with AI chatbots are set to testify before Congress.
Albania's Prime Minister Edi Rama says his new Cabinet will include an artificial intelligence “minister” in charge of fighting corruption. The AI, named Diella, will oversee public funding projects and combat corruption in public tenders. Diella was launched earlier this year as a virtual assistant on the government's public service platform. Corruption has been a persistent issue in Albania since 1990. Rama's Socialist Party won a fourth consecutive term in May. It aims to deliver EU membership for Albania in five years, but the opposition Democratic Party remains skeptical.
The Federal Trade Commission has launched an inquiry into several social media and artificial intelligence companies about the potential harms to children and teenagers who use their AI chatbots as companions.
Swedish buy now, pay later company Klarna is making its highly anticipated public debut on the New York Stock Exchange Wednesday, the latest in a run of high-profile initial public offerings this year. The offering priced at $40 Tuesday, above the forecasted range of $35 to $37 a share, valuing the company at more than $15 billion. The valuation easily makes Klarna one of the biggest IPOs so far in 2025, which has been one of the busier years for companies going public. Other popular IPOs so far this year include the design software company Figma and Circle Internet Group, which issues the USDC stablecoin..
Oracle co-founder Larry Ellison wrested the title of the world’s richest man from longtime holder Elon Musk early Wednesday as stock in his software giant rocketed more than a third in a stunning few minutes of trading. That is according to wealth tracker Bloomberg. A college dropout, the 81-year-old Ellison is now worth $393 billion, Bloomberg says, several billion more than Musk, who had been the world’s richest for four years. The switch in the ranking came after a blockbuster earnings report from Oracle. Forbes still has Musk as the richest, however, valuing his private businesses much higher.
