Snap CEO Evan Spiegel has finally addressed the giant blue elephant in the room.
During his company’s first-ever earnings call with investors on Wednesday, Spiegel summed up his feelings about Facebook’s relentless copying of Snapchat’s core features with an audible laugh.
“You have to get comfortable with and enjoy the fact that someone is going to copy you if you make great stuff,” he said in response to an analyst question about Facebook’s copying of Snapchat’s Stories format and augmented reality efforts.
“We believe that everyone is going to develop a camera strategy,” he said. “I think we really help everyone understand how valuable the camera is.”
Spiegel went so far as to compare his company’s rivalry with Facebook to the early days of Yahoo and Google.
“At the end of the day, just because Yahoo has a search box, it doesn’t mean they’re Google,” he said.
Ironically, Yahoo is a Snap investor. It reportedly invested $25 million in 2014 and now holds roughly $90 million in shares.