$SNAP $FB $GOOGL $TWTR what makes you think a 5-15% ad spend market contraction is gonna hit Snapchat hard? It’s ARPU is extremely lower than Facebook yet it has half the userbase of Facebook almost when you just focus on America . If you do good dd you also know that is where all of Facebook’s ARPU comes from is America . Snapchat is uniquely positioned to do well. With low ARPU (cheap cheap ads), a huge American userbase , and very little market share of the ad market Snapchat is going to do amazing this year if it stays at these price levels .