Sure, here is the translation: "Snap: An Underrated Butterfly in the Tech Sector – The Sleeping Investment Opportunity

Snap, the company behind the popular social media platform Snapchat, has experienced a turbulent journey since the end of 2021. The company's shares have plummeted, as has been the case for many in the tech sector, and in 2024, they are currently in a downward spiral with a 47% decline. Investors are concerned about modest revenue growth and ongoing losses. A significant stumbling block for Snap was Apple's change in privacy policies in 2021, which made precise ad targeting more difficult. However, Snap is relying on innovation to address this issue, and progress is evident. There are several reasons why the current stock downturn could present a buying opportunity in the long term. Firstly, advertising remains the primary source of Snap's revenue. Last year, the company introduced the 7/0 optimization model, which uses a seven-day learning phase for each new campaign and recalculates the budget from scratch. This method significantly improves cost efficiency. Gaming companies like Roblox saw a 30% to 50% increase in their Return on Advertising Spend (ROAS) in the second quarter of 2024 thanks to this optimization. Another breakthrough is the Conversions API, which achieved a 300% growth rate in adoption during the second quarter. This tool uses direct connections between advertisers' servers and Snap to bypass Apple's data restrictions, thereby enhancing targeted advertising. Snap also demonstrates a strong position in the field of Augmented Reality (AR). This technology allows users to virtually test products, which has been shown to lead to five times higher engagement. Financially, Snap generated $1.24 billion in the second quarter, an increase of 16% compared to the same quarter last year. A significant focus is on the Snapchat+ subscription service, which has garnered 11 million subscribers since mid-2022 and generated over $100 million per quarter. This revenue stream helps Snap hedge against future advertising restrictions. Despite a loss of $248.6 million in the last quarter, Snap's balance sheet has significantly improved compared to the previous year. Revenue is growing much faster than costs, resulting in reduced losses. Snapchat reached a record high of 432 million daily active users in the second quarter, a 9% increase. Snap’s stock is currently trading at an attractive price. The 42% decline, combined with continued revenue growth, brings the price-to-earnings ratio down to just 3—almost as low as it has been since the IPO in 2017. For long-term investors, this could be an ideal entry point.