"I think, overall, investors are just simply asking the question: 'Well, you know, Meta was able to accomplish pretty decent ad sales, so what was the execution that failed at Snap?'" said Mulberry.
The company's fourth-quarter revenue came in at $1.36 billion, missing estimates of $1.38 billion, according to LSEG data.
Mulberry recalled how Facebook, back in 2013, tried to buy Snap for $3 billion, an offer that was rejected by Snap and its then 23-year-old CEO and cofounder, Evan Spiegel.
Mulberry added that he wouldn't blame shareholders, or Snap management, if they were now wondering whether they should have taken that deal "knowing that the landscape going forward might be difficult for ad revenues and in consumer engagement."
