Today Snap reported its first earnings as a public company, and it bombed. Snap’s stock market debut three months ago was the most valuable tech IPO in the US in two years, and certainly the most talked-about. Snap, after all, provides one of the few significant alternatives to the two giants of online advertising, Facebook and Google. If Snap can eke out some space in a field long dominated by this duopoly, that could mean more meaningful competition. ‘Snap is a niche platform.

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