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Snap’s Path Forward

Snap’s second-quarter earnings report on Thursday is shaping up to be a pivotal moment for the young company. Snap stock has plunged in recent weeks as restrictions on early shareholders selling lapsed. The big question this week is whether Snap will show any improvement in its slow user growth or evidence that it is driving greater-than-expected gains in ad revenue.

Internally, Facebook’s copying of Snap’s core features has been a constant frustration—and likely accounts for some of Snap’s slow user growth. But there is little Snap can do about it. People at Snap have informally discussed whether to complain to antitrust regulators that Facebook has been engaging in anticompetitive tactics, say people familiar with Snap’s thinking. But Snap insiders say they are unlikely to make a complaint given that it would be a tough case to pursue, particularly in the U.S.

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The pressure now is to see how quickly the company will be able to adapt to its shifting fortunes. For Snap, the question has moved from whether it is facing significant threats to how it chooses to respond to them.

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One response to Facebook that Snap has contemplated is an antitrust claim.