SNAP - June Data Review Suggests Softening Usage Trend in 2Q

研报英文原文证据摘录

SNAP - June Data Review Suggests Softening Usage Trend in 2Q

July 2, 2026

Michael Morris, CFA michael.morris@guggenheimpartners.com SNAP - June Data Review Suggests Softening Usage

804 253 8025 Trend in 2Q

Grayson Glenn

grayson.glenn@guggenheimpartners.com

804 253 8053 Key Message: We provide our updated Ads Manager audience reach and Apptopia

download data analysis through June. We view first-party Ads Manager and third-party Charles Wilber

charles.wilber@guggenheimpartners.com Apptopia data as usage indicators. 2Q Global Ads Manager audience reach growth of

804 335 3977 +1.2% reflects slight deceleration vs. 1Q while trailing 90-day download decline trend

remains pressured (-19.5% vs. -20.5% in March). Notably, Ads Manager audience reach

Taylor Manley data shows continued domestic pressure and softening European trends while ROW taylor.manley@guggenheimpartners.com

804 253 1336 growth remains healthy. 2Q reflects the second consecutive quarter of no DAU guidance

and we forecast +4mm sequential net adds (vs. +9mm in 1Q) with Rest of World gains

(+6mm) offset by North America (-1mm) and Europe (-1mm) declines. Overall, we believe

2Q usage data suggests DAUs in-line with our 487mm estimate, reflecting modest

annualized growth deceleration to +3.8% (vs. +5.0% in 1Q). Additional details provided SNAP

within. Snap Inc.

Sector: Media & Internet

2Q Ads Manager Audience Reach Growth Shows Rest of World Strength, U.S./Europe

Company Update Challenges

Share Price $4.75

Quarterly global audience reach (average of each month) increased 1.2% y/y, reflecting

slight deceleration vs. 1Q (+1.6%). Sequential growth of +1.4% marked improvement vs.

Market Data & Valuation Measures +0.6% in 1Q.

52-Week Range $3.81 - $10.41 Snap Quarterly Global Ads Manager Audience Reach

SNAP 720