Why Every Snap Investor Is Looking At This One Number

Investors buying Snap (SNAP) stock may be betting on a surprising part of the business: the subscriptions it sells directly to users. Most people still consider Snap an advertising company, but a growing portion of its revenue now comes straight from its audience. The stock lost 28% over the past twelve months, contrasting with a 17.0% return for the S&P 500. So, how many of Snapchat's users actually pay for it.