Snap is a mobile technology company whose core product is Snapchat, a camera-first visual messaging and social media app with roughly 946 million MAU. Snapchat is built around ephemeral communication — messages delete by default — and is organized across five main surfaces: Camera (with AR Lenses), Visual Messaging, Snap Map, Stories, and Spotlight (a short-video feed). Snap's user base skews heavily toward Gen Z and Millennials. Snap generates roughly 86% of revenue from advertising, sold through a self-serve platform to SMBs and a direct sales force to large brand advertisers. The ad business is predominantly direct response, with advertisers paying for outcomes like app installs and purchases. Key ad formats include full-screen Snap Ads, Sponsored Snaps (branded messages delivered directly into users' chat inboxes), AR Lenses, Promoted Places on Snap Map, and Dynamic Product Ads. SMBs have been the largest contributor to ad revenue growth for six consecutive quarters, while the North America large brand advertiser segment has been a persistent drag. The remaining ~14% of revenue comes from subscriptions, primarily Snapchat+, a paid tier with exclusive features and ad-free options, which reached 24 million subscribers in Q4 FY25. Snap has invested heavily in AR over more than a decade, and plans to launch consumer AR glasses ("Specs") in 2026, organized under a standalone subsidiary to allow outside investment. Snap's stated strategy centers on scaling DR advertising via AI tools, growing Snapchat+ subscriptions, controlling infrastructure costs, and launching Specs.