Market SentimentSentiment toward SNAP remains negative, largely due to volatile fundamentals and revenue growth below social media peers.
Revenue And AdvertisingBrand-oriented advertising revenue fell 1% YoY, driven by softness in discretionary verticals such as retail, technology, and entertainment.
User EngagementMuted user and engagement trends in North America and the relative attractiveness of larger digital ad platforms to advertisers potentially limit visibility around more robust advertising revenue growth.