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After layoffs, Rosenblatt sees truth to report Snap’s Perplexity deal fell apart
After Snap (SNAP) pre-announced results and mass layoffs, Rosenblatt analyst Barton Crockett presumes truth to “the non-surprising trade press report” that Snap’s Perplexity deal has “fallen apart” and takes “the step we were already considering” of removing the guided $400M windfall from estimates, the analyst tells investors. That largely offsets the $500M annualized cost savings, leaving the firm’s 2026 adjusted EBITDA estimate little changed despite the pre-announced Q1 upside, adds the analyst, who has a Neutral rating and $6.40 price target on Snap shares.
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