Key points summary of Snap's analyst conference call: Strong sales growth is expected before the launch of AR glasses.

I. CEO Spiegel and CFO Doug Holt elaborated to analysts and investors on the companys financial performance, AI-driven operational model, progress in advertising and diversification monetization, as well as the long-term strategy for the next-generation augmented reality glasses, Specs. 1. Significant improvement in revenue and profit: Q2 revenue grew by 19% year-on-year to $1.6 billion; among this, advertising revenue increased by 9%, and other revenue surged by 85%. Gross margin improved to 58%. Adjusted EBITDA reached $250 million. 2. Continuous expansion of user base: Monthly active users reached 971 million, while daily active users reached 493 million. North American DAUs stabilized at 92 million last quarter, with a notable increase in the 35 and older demographic. 3. Clear core financial goals: Management emphasized that free cash flow per share will serve as the companys primary financial metric going forward. The company has achieved positive free cash flow for eight consecutive quarters and will use FCF to repurchase shares to offset dilution from equity incentives, maintaining capital stability. II. AI-powered operations and advertising transformation. 1. Significant enhancement in internal operational efficiency: The introduction of AI tools substantially improved R&D and customer service efficiency. The code submission per engineer increased by 75% year-on-year, with AI code review tools covering 90% of Pull Requests. AI customer service handles approximately 3.9 million inquiries monthly, reducing ticket volume by 62% since the beginning of the year. 2. Significant effectiveness in advertising conversion and automation: AI smart advertising campaigns reduced acquisition costs for advertisers, with app installation costs dropping by 8% and purchase costs declining by 18%, while in-app purchases soared by 128%. Overall advertising conversion on the platform surged by 56% year-on-year. The automation rate of AIs first review of ad images increased from 40% in the same period last year to nearly 90%.