🔴 SNAP is trading 4% down today on soft Q2 guidance and ended Perplexity AI partnership

SNAP is trading at $5.73 (-4.18%) as shares face continued pressure from soft Q2 guidance and the termination of its Perplexity AI partnership.

• The stock is bucking broader market gains (Nasdaq +1.21%) despite beating Q1 revenue and EBITDA estimates with DAUs rising 5% to 483 million.
• Investors remain cautious over pending layoff costs and high put options interest at the May 8 $3.5 strike, signaling further bearish sentiment.