🔴 SNAP is trading 9% down on slowing user growth in key markets and ended Perplexity deal

SNAP is trading at $5.57 (-8.8%) in pre-market, extending its after-hours drop from yesterday's close of $6.11 as investors digest its Q1 2026 earnings report.

• While the company beat revenue estimates with $1.53B (+12% YoY), the report revealed a decline in daily active users in the highly monetized North American and European markets.
• Snap also confirmed the termination of a $400 million AI partnership with Perplexity, which was revealed in the earnings report.
• These factors appear to be overshadowing the revenue beat and ongoing profitability efforts, weighing on investor sentiment.