peter, what should we read into prince al-waleed bin talal's investment?eter: he makes a lot of investments. i don't read too much into it at this point. the success of shares of snap will succeed or fail based on the revenue growth, based on their ability to expand their audiences. they had a good quarter. they beat on revenue and ebitda. we believe they will probably turn positive potentially in 2021, but what is the ultimate margin profile and what kind of revenue growth do you need to get there? what does the revenue growth in the u.s. look like one year, two years from now? twitter, twice the size of snap, growing a bit faster. emily: peter, thank you so much. david, you're sticking with me. snap is also betting big on augmented reality advertising, but of course it will face competition from facebook and apple. how will it hit the bottom line? bloomberg tech's sarah frier reports. sarah: snap tries to be at the cutting edge of what's next, from spectacle to facial recognition filters. now they are betting big on augmented reality advertisement. the c

worried analysts who were looking for rapid growth, yet snap did win the approval of prince al-waleed bin talalwho has taken a big stake. has snap hit its peak, or is this a bump in the road? for more, we have an analyst who has a perform rating on the stock and our own david kirkpatrick. how substantial is this decline in users? >> it is not a great surprise. they warned us some changes they made to the app caused disruption. the question investors are asking is can they return to growth and over what time period. they've been struggling with the android platform. user experience and android -- on android is somewhat inferior to the ios. it is in test right now. we will see if that has the impact of growing android users or returning the growth to android users, both in the u.s. and globally. as of now, they did slip sequentially, and now the big question is whether this trend continues. emily: right. david, this is not something that we saw at facebook in the early days or even twitter. i mean, do you think snap's best days could be behind it, given we are seeing a sequential decline fairly e