Post
Yuvi.
$SNAP
用户继续增长，Snap为什么仍可能难以释放利润？
本周财报窗口中，用户规模只是第一层变量，还要证明用户时长能转成广告需求，并覆盖内容、研发和基础设施成本。
若每用户收入改善、费用增长受控，商业化效率才算提高；若用户主要来自变现较低的市场，收入可能跟不上使用量。我会比较广告价格、展示量和现金消耗，判断经济模型是否改善。
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