¿Está Snap (SNAP) ofreciendo una oportunidad de trading con un precio inadecuado, en medio de un rendimiento mixto y de cambios en las fuentes de ingresos relacionadas con la inteligencia artificial?

Snap Inc. (SNAP) has long occupied a precarious position in the social media landscape, balancing explosive user growth with persistent profitability challenges. As of Q3 2025, the company reported $1.51 billion in revenue, a 10% year-over-year increase, alongside 477 million daily active users (DAU) and 943 million monthly active users (MAU)-up 8% and 7%, respectively. These metrics suggest a resilient user base, yet Snap's net loss of $104 million and forward price-to-earnings (P/E) multiple of 31x raise questions about whether the stock is undervalued or merely reflecting structural weaknesses. The recent $400 million AI partnership with Perplexity AI adds a layer of complexity, offering both promise and risk. This analysis evaluates Snap's valuation, growth potential, and structural vulnerabilities to determine whether it represents a mispricing opportunity.

Valuation: Cheap Metrics, But at What Cost?

Snap's valuation multiples appear attractive relative to peers. Its price-to-sales (P/S) ratio of 2.40 and enterprise value-to-revenue (EV/Revenue) ratio of 2.65 trail Meta Platforms' (META) significantly higher multiples, which reflect Meta's robust profitability and AI-driven ad optimization. For instance, Meta's Q3 2025 revenue surged 26% year-over-year to $51.2 billion, underpinned by its dominance in social media advertising and advanced AI tools. By contrast, Snap's ad platform remains underdeveloped, with limited capacity to compete with Meta's or Google's AI-driven targeting capabilities. This disparity suggests that Snap's lower valuation may reflect not just discounted growth expectations but also inherent weaknesses in its monetization model.

However, Snap's financial position has improved. Free cash flow rose 30% to $93 million in Q3 2025, and the company maintains $3 billion in cash and marketable securities. A $500 million stock repurchase program further signals management's confidence in its intrinsic value. These factors, combined with a forward P/E of 31x-a discount to Meta's implied multiple-could indicate a mispricing if Snap's AI-driven revenue streams gain traction.

Growth Potential: AI as a Catalyst or a Mirage?

Snap's partnership with Perplexity AI, valued at $400 million in cash and equity, is its most significant bet on AI-driven monetization. The integration of Perplexity's conversational search engine into Snapchat's chat interface aims to transform the platform into a hub for real-time, AI-powered interactions. This move could unlock new revenue streams, particularly as the partnership is expected to contribute to Snap's bottom line starting in 2026.

Beyond AI, Snap's non-ad revenue growth is gaining momentum. Snapchat+ subscriptions surged 54% year-over-year to $190 million, while Sponsored Snaps-ads optimized for engagement-delivered 22% higher conversions and 19% lower cost per action (CPAs) compared to other formats. These innovations hint at a maturing monetization strategy, though their scalability remains unproven.

The company's Q4 2025 revenue guidance of $1.68–$1.71 billion (8–10% growth) further underscores optimism. Yet, this optimism must be tempered by the reality that Snap's ad revenue is constrained by its youthful user base, which has lower purchasing power and is more susceptible to macroeconomic shifts. A recession or ad spend contraction could disproportionately impact Snap compared to Meta or Google.

Structural Risks: A Fragile Foundation

Snap's structural challenges are well-documented. Its ad platform lags behind competitors in sophistication, limiting its ability to command premium pricing. Meanwhile, the Perplexity AI partnership, while promising, is a future-oriented bet. Revenue recognition will not begin until 2026, leaving a gap in near-term growth drivers. Even if the integration succeeds, competition from AI-powered ad tools developed by Meta and Google could erode Snap's market share.

User engagement metrics, though strong, mask deeper vulnerabilities. The 8% DAU growth and 6 billion Gen AI Lens interactions highlight Snapchat's cultural relevance, but they do not address the platform's reliance on viral trends. Sustaining engagement-and translating it into revenue-requires continuous innovation, a costly endeavor for a company still posting net losses.

Conclusion: A High-Risk, High-Reward Proposition

Snap's valuation appears undervalued relative to its peers, particularly given its improving cash flow and strategic AI bets. However, the company's structural weaknesses-underdeveloped ad tools, a youth-centric user base, and unproven AI monetization-pose significant risks. The $400 million Perplexity partnership could catalyze a re-rating if it delivers tangible revenue growth, but investors must weigh this against the likelihood of execution risks and competitive pressures.

For now, Snap resembles a speculative bet on AI-driven platform evolution rather than a value play. While its valuation multiples suggest mispricing, the path to profitability remains fraught. Investors with a high risk tolerance and a long-term horizon may find allure in Snap's potential, but those prioritizing stability should tread cautiously.