Evan Spiegel, co-founder and chief executive officer of Snap Inc., during the Axios Media Trends Live event in New York, US, on Thursday, Sept. 18, 2025.

Michael Nagle | Bloomberg | Getty Images

Snap shares dropped about 4% in extended trading after the company reported first-quarter earnings on Wednesday and provided cautious sales guidance while revealing it no longer has a deal with the generative AI startup Perplexity.

Here is how the company did compared with Wall Street's expectations:

Earnings per share : Loss of 5 cents. That figure is not comparable to analysts' estimates.

Revenue : $1.53 billion vs. $1.53 billion expected, according to LSEG

Global daily active users : 483 million vs. 475.6 million expected, according to StreetAccount

Global average revenue per user (ARPU) : $3.17 vs.…