Facebook's CFO Just Explained Why Twitter and Snap Don't Stand a Chance

Both Twitter (NYSE: TWTR)and Snap (NYSE: SNAP)love to talk about how they're improving the return on investment for marketers with their ad products. Twitter, for example, pointed to its lower cost-per-engagement (down 28%) and increased engagement (up 69%) as an indication of improving return on investment.

Snap saw an even more exaggerated dynamic in the fourth quarter, when its average Snap Ad price declined 70% but impressions grew 575%.