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Flickr Creative Commons

Snapchat's parent company pointed to mobile technology as it sought to explain user growth (and lack thereof) during its first earnings call since going public.

Bottom line: Snap essentially admits that its service works best for people in countries where iOS phones are affordable and popular, and mobile plans are so cheap that everyone is online all the time on their phones. Here Facebook has an advantage over Snap as it's been investing for years into ways it can make its apps and service accessible for users in emerging markets.

Android: Recent improvements to Snapchat's Android app significantly contributed to its user growth as 30% of its net new users in the last quarter were on Android. When Snap initially filed to go public, it admitted to having issues with its Android app. Still, despite progress, the Android app still lags behind the iOS version, a significant hurdle as Android is the more popular operating system in emerging markets.

Internet connectivity: Snap also argued that lack of strong and affordable cell service in certain parts of the world makes it difficult for its to gain users in those markets. Since Snapchat is best used for snapping photos and videos throughout the day, it loses its appeal for folks who mostly get online on their phones when they're on Wi-Fi, CEO Evan Spiegel explained.

Go deeper

Dion Rabouin, author of Markets
12 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
43 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

2 hours ago - Politics & Policy

Read: Pete Buttigieg's opening statement ahead of confirmation hearing

Pete Buttigieg, President Biden's nominee to be secretary of transportation, in December. Photo: Kevin Lamarque/AFP via Getty Images

Pete Buttigieg, President Biden's nominee to lead the Transportation Department, will tell senators he plans to prioritize the health and safety of public transportation systems during the pandemic — and look to infrastructure projects to rebuild the economy — according to a copy of his prepared remarks obtained by Axios.

Driving the news: Buttigieg will testify at 10 a.m. ET before the Senate Committee on Commerce, Science and Transportation. He is expected to face a relatively smooth confirmation process, though GOP lawmakers may press him on "green" elements of Biden's transportation proposals.