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Snap Snapped- MMM #29

Thomas Konings
Thomas Konings
Hi there,
This’ll be one of my last weeks in London. Wrapping things up definitely feels a bit weird still, especially after the very intense courses during the past month. I’ve been out biking in the early mornings to appreciate the city before the tourists come out which produced some surreal pictures.
📃 In this Monday Morning Mashup:
  • ⭐Highlight: Snap Snapped
  • 🚀Space: SpaceX breaks previous record
  • 👔 Business: Morgan Stanley on Non-GAAP measures
  • 🎁Extra: the first lunar curse was…
Have a great week!

⭐Highlight: Snap Snapped
Snapchat: the smash hit app that rivaled Instagram for a while seems to be facing competition. Although user numbers are up (beating the forecast even), revenue growth is slowing down. The reason: advertising.
The company cites privacy changes to iOS as one of the drivers behind slower growth of advertising revenue, something I’ve written about before (MMM #9).
To be honest, I was surprised that the daily active users of Snapchat were increasing this rapidly still. In my friend group people rarely use it, if at all, or have uninstalled it entirely.
It’ll be interesting to see where Snapchat is headed next. The social media landscape is definitely changing after the introduction of short form video content by TikTok. What would it look like in 10 years?
Snap shares plunge 25% as economy, fierce competition slow revenue growth | Reuters
🚀Space: SpaceX breaks previous record
SpaceX has the goal of launching once per week this year, that’s 52 launches. Last year it managed to launch 31 missions, a record which the company has beaten this week.
Using its partially reusable technology, the firm has dramatically reduced the cost to orbit. This has led to the firm quickly gaining market share, now sitting at above 65% (development shown below, thanks to Wikipedia).
(never cite Wikipedia kids)
(never cite Wikipedia kids)
With the company set to match its goal, the sky really seems the limit. I’m personally following the development of Starship, their next rocket, closely. The new one will be fully reusable, which is set to slash launch costs significantly again.
SpaceX has monopolized the launch market through sheer technological prowess. Something we do not see often, but I’ve talked about it before in the semiconductor market where ASML holds a similar position.
SpaceX whizzes past annual launch record with Starlink mission | Reuters
👔 Business: Morgan Stanley on Non-GAAP measures
Earlier this year in my accounting class at LSE there was a lecture focusing on the usefulness of non-GAAP profit measures. Non-GAAP refers to financial measures that are calculated outside of reporting requirements. For example: EBITDA (earnings before interest, tax, depreciation, and amortization).
Recently Morgan Stanley published a report on the (increasing) usefulness of these measures for measuring economic reality. This made me think of an argument made by my professor at LSE: if reporting standards no longer reflect economic reality well, they should be changed. We saw a similar move with leases in IFRS-16 for example.
Interesting read for sure and remarkably accessible even with little financial background.
🎁Extra: the first lunar curse was...
‘damn’. I’ll leave you with this interesting article detailing the first curse uttered by humans on the lunar surface.
neil armstrong: How Armstrong and Aldrin made ‘damn’ the first lunar curse - The Economic Times
Have a great week!
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Thomas Konings
Thomas Konings @tkon99

Every Monday morning I will send you an email with things I discovered during the week that I found helpful. Ranging from interesting theories to practical Excel tips and insightful articles I read, this newsletter will make your Monday a little bit better for sure!

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