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Evan Spiegel in L.A. in 2013. Photo: Jae C. Hong / AP

"Snap's Splashy IPO Stifled Its Doubters: Deal participants had concerns about revenue, competition — issues now gutting the stock price," per Wall Street Journal front page:

"At a company

all-hands meeting in January [ahead of the

Feb. 2

SEC filing and

March 2

trading debut], a Snap employee said the company would reach a saturation point in the U.S., according to a person present at the gathering in an airplane hangar in Santa Monica, Calif. The employee wanted to know about the company's growth strategy overseas, since Facebook was imitating many of Snap's features and signing up droves of users in Asia and India, the person said."

"Mr. Spiegel's response: People feel more free to express themselves on networks of close friends."

  • The takeaway: "The CEO has dismissed ideas that rely heavily on data, according to people who have worked with him. He prefers to study the experience of users for cues on revisions and new features."
  • Be smart: Snap's Q3 report this week — revenue of $207.9 million, with 178 million daily active users — was less than analysts expected, but still reflects a business of stunning size that remains addictive to young users. If Snap had stayed private, the hype and heat would have persisted.

Go deeper

Too big to cover alone: Newsrooms team up

Illustration: Annelise Capossela/Axios

News outlets are increasingly willing to work together on big, multifaceted stories — including this week's reporting on leaked documents from a Facebook whistleblower.

Why it matters: Collaborative efforts help bring more resources to bear on complex stories, some of which require a global reporting effort. But they require high degrees of coordination, and competition can sometimes get in the way.

Axios-Ipsos poll: Confidence in Biden COVID recovery tumbles

Expand chart
Data: Axios/Ipsos poll; Chart: Kavya Beheraj/Axios

Confidence in President Biden's ability to rescue the economy from COVID-19 has dropped since January, even as Americans' faith rises in his ability to make the vaccine widely accessible, according to the latest installment of the Axios/Ipsos Coronavirus Index.

Why it matters: It's Democrats and independents driving the declining economic confidence, from 52% of all U.S. adults at the start of his presidency to 44% now. Their softening faith could hinder Biden's ability to lead and hurt Democrats' position heading into the 2022 midterms.

Attacks rise on houses of worship

Woven Stars of David hang along the fence at the Tree of Life Synagogue in Pittsburgh on the 1st anniversary of a mass shooting at the synagogue. Photo: Jeff Swensen/Getty Images

Houses of worship — across a variety of faiths, including Jewish synagogues to Buddhist temples and Catholic churches — are experiencing high amounts of vandalism, arson and other property damage.

The big picture: 2021 is on track to be a record year for hate crimes in the U.S., and many of those attacks are linked to religious bigotry.