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What to expect from Snap's second earnings report
Rebecca Zisser /Axios

For months, Snapchat has been challenging the narrative that slower user growth is due to Facebook adopting copycat features, like Stories and Stickers. Snap will have another copycat headache to explain to investors tomorrow on its second earnings call — Facebook is building a product that could rival Discover, its successful video content platform.

Why it matters: As Axios reported earlier this week, video content has performed incredibly well on Discover, but Snapchat has yet to break out to investors how much revenue that platform drives.

  • Expect analysts and investors to ask how Snapchat plans to cash in on Discover, and retain user attention and engagement once Facebook's rival feature is live.
  • Expect Snapchat to say its platform is uniquely positioned to serve younger audiences because it's mobile-first, while Facebook's is based on desktop and mobile consumption.