Interpreting Snap's Guidance Every investor needs to understand that the social media companies are all slightly different. Snap focuses more on social messaging with a general younger crowd. Pinterest is focused on social imaging with an older user base tilted towards females while Meta Platforms META has a massive global user base. All of these companies have slightly different business plans along with various stages of development and growth rates.
As the below chart highlights, these social media companies have revenue growth generally trending in the same direction, but the numbers do deviate on a quarterly basis. Management is basically assuming November and December revenues fall from levels despite revenues trending up from Q3 levels for the first 20 days of the quarter. Specifically, Snap sees brand advertisers reigning in advertising spending during the holidays. Remember, Snap provided initial Q3 commentary suggesting revenues were challenging in the early part of the quarter.
Management made the following statement on the Q2'22 investor letter : Thus far in Q3, revenue is approximately flat on a year-over-year basis. Forward-looking visibility remains incredibly challenging, and it is unclear how the headwinds we observed in Q2 will evolve as we move through Q3. Given this, we do not intend to provide financial guidance for Q3. That said, it is clear that our rate of revenue growth has slowed considerably and we must adapt our investment strategy.
We intend to substantially slow our rate of hiring, as well as the rate of operating expense growth. W When reporting Q2 results on August 1, Pinterest guided to mid-single digit sales growth during Q3. The company hardly misses analyst estimates, so the current consensus growth target at 5. Of course, the question is whether Pinterest lowers expectations for Q4 sales. Analysts have growth dipping to 4. Investors shouldn't expect Pinterest management to provide any better commentary on the advertising market considering the fears of a global recession, but the companies view is far less volatile and probably more predictable.
Focus On Commerce As the above revenue growth chart highlighted, all of these companies saw massive revenue growth in placing the results with perilous comps. Outside of the market extrapolating too much on current growth rates after the tough comps from the last couple of years, Pinterest is pushing for a focus on commerce. The commerce opportunity has the potential to move the company away from market reliance on digital advertising.
In resolving the matter with the department, Google has agreed to numerous improvements to its legal process compliance program, as set forth in the filed agreement. The improvements are tailored to ensure that Google complies with its legal obligations to respond to lawful court orders, including those issued pursuant to the SCA. Google will maintain sufficient compliance staffing levels to support the enhancements to the program and will allocate engineering resources to support legal process compliance.
Google has further committed to implement processes and procedures to ensure timely response to legal process, as required under the SCA and other relevant legal frameworks, and to generate a compliance timeliness record for missed deadlines, which will be made available to the government upon request. Google will also develop and maintain needed tools to retrieve data in response to legal process, and to develop plans for legal process responses corresponding to new product launches.
Pursuant to the agreement and in consultation with the mandated Independent Compliance Professional, Google will assemble periodic reports and updates regarding its Legal Process Compliance Program and its implementation of the enhancements set forth in the agreement. Google will maintain its lawful protections of user data, and the agreement does not provide the United States access to Google user data.
Senior Counsel C.
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