Snap crashes 17% premarket despite user growth in Q2
Snap shares sank nearly 17% premarket after Q2 revenue matched estimates but losses widened. ARPU declined and guidance for Q3 offered little upside. Despite 9% growth in daily users to 469 million, investors reacted negatively. CEO Evan Spiegel highlighted AI and AR investments, but sentiment remains shaky. SNAP is down 13% YTD, underperforming peers.