Overview
- Snap reported first-quarter revenue of $1.53 billion and a net loss of $89 million as daily active users reached 483 million.
- The company disclosed Wednesday it had amicably ended its $400 million Perplexity AI partnership, and it projected second-quarter revenue of $1.52 billion to $1.55 billion.
- Management estimated a $20 million to $25 million revenue hit in March tied to the Middle East conflict and warned the region’s outlook remains uncertain.
- Large North American advertisers remained a headwind to ad growth as average revenue per user slipped to $3.17 and North America daily users declined.
- Shares fell nearly 10% in premarket trading Thursday following the cautious outlook and the loss of the Perplexity deal.