In April, Snap reported $1.36 billion in revenue for Q1, beating Wall Street expectations and marking a 14% year-over-year increase. But the company withheld Q2 guidance, citing macroeconomic uncertainty. It also reported headwinds in ad sales during April and a decline of 1 million North American daily active users, per its letter to investors.

Snap said it has seen increased creator engagement on its platform, onboarded thousands of new creators in the last year, and expanded its creator marketplace.

The platform has also invested in generative AI tools, including sponsored AI lenses that let people insert themselves into brand-driven visuals. Snap said more than 300 million people use its AR lenses globally.

Per the platform, daily active users have increased by over 38 million year over year to 460 million as of Q1.

Billions in potential ad spend up for grabs

TikTok could face a U.S. ban for the third time on June 19 if it doesn’t find a new buyer. The platform could lose up to $32.4 billion in global ad revenue in 2025 if the U.S. proceeds with its ban, according to the World Advertising Research Centre.

Trump, however, is reportedly expected to sign a third executive order to stall enforcement once again, according to The Wall Street Journal.

TikTok has attracted interest from a dozen potential buyers, including Oracle, venture capital firm Andreessen Horowitz, AppLovin, and a consortium led by the founders of OnlyFans. 

The platform has also seen a wave of executive departures in recent months.