*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).
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
A group of more than 20 current and former employees are accusing Jeff Bezos’ Blue Origin spaceflight company of being a toxic work environment and not following proper safety protocols.
Senators have fired a barrage of criticism at a Facebook executive over the social-networking giant’s handling of internal research on how its Instagram photo-sharing platform can harm teens
Despite China's cryptocurrency crackdown, many in the industry are making the case that crypto's demise is not yet a done deal in the world's second-largest economy.
Video-sharing tech platform YouTube on Wednesday announced immediate bans on false claims that vaccines are dangerous and cause health issues like autism, cancer or infertility.
Alex Bell, a Post-Doctoral Scholar at UCLA, joins 'Cheddar Reveals' to discuss how exposure to innovation influences who becomes an inventor and how much genius has been lost over the years.
Instagram is putting a hold on the development of Instagram kids, geared towards children under 13, so it can address concerns about the vulnerability of younger users.
We're living in uncertain times due to the pandemic, and that means more flexible especially when we travel, according to top travel experts at Skift Global Forum 2021 in New York.
Powell on Wednesday shed new light on the possibility of launching a central bank digital currency (CBDC) in the U.S., and stakeholders in the worlds of both monetary policy and cryptocurrency took notice.
China’s central bank has declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money.
