US Internet Intro Call: Focus Call on META and SNAP

Date and Time
January 11, 2023

10:00am ET-Why: Our second focus call will dive into social media and the mobile internet more broadly. We think both META and SNAP can outperform advertising expectations over the next year, as new ad tech like META's Advantage+ and both companies' Converstion API begin to get more traction. For META, we expect investors to gain more comfort that near-term spending will moderate, while we expect SNAP to show usership resilience and direct response ad revenue re-acceleration ahead of
improving operating leverage.