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Q&A

T. Rowe Declares Confidence in Snap’s Prospects

A key money manager at one of the biggest mutual fund investors in tech says Wall Street is getting it wrong on Snap.

In an interview, Paul Greene, the manager of T. Rowe Price’s $4.2 billion Media and Telecommunications Fund, downplayed widespread investor concerns about Snap, such as its ability to withstand competition from Facebook or the lack of voting stock offered investors in Snap’s IPO. Worries around these issues have pushed down the stock by around 15% since its IPO early in March. Just this week, Instagram reported higher daily active users for its Snapchat-like feature Instagram Stories than Snapchat has generally.

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When we invested in Dropbox, it was more a consumer internet story and over time it’s become more of an enterprise software story, and that probably moves the goal posts some in terms of the kind of returns expected. But compared to enterprise software it stacks up really well.

Michele Clarke and Mary Vascellaro commented on this article.
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“The track record is strong, but it’s early. The big unknown is what you get out of test budgets with advertisers on the brand side—you don’t know how scalable it is.”