Snap Inc. reported its second-quarter 2025 financial results with revenue reaching $1.34 billion, reflecting a 9% year-over-year increase but slightly below the $1.35 billion consensus estimate. The company posted a net loss of $263 million, wider than the prior year's $249 million loss, and an adjusted EBITDA of $41.3 million, missing the estimated $48.7 million. Daily active users (DAUs) grew 9% to 469 million, surpassing estimates of approximately 468 million, while monthly active users (MAUs) increased 7% to 932 million. Snapchat's average revenue per user (ARPU) was $2.87, slightly below the $2.90 estimate. The company attributed slower revenue growth to an advertising platform glitch and increased competition. Despite these challenges, Snapchat+ subscribers reached 16 million, contributing to revenue diversification. Snap's free cash flow improved to $24 million from a negative $73 million year-over-year. For the third quarter, Snap provided revenue guidance between $1.48 billion and $1.51 billion, in line with the $1.48 billion consensus, and forecasted adjusted EBITDA between $110 million and $135 million, above estimates. Following the earnings release, Snap's shares declined approximately 15% in after-hours trading. Separately, AppLovin Corporation reported its Q2 2025 results with revenue of $1.26 billion, up 77% year-over-year but slightly below the $1.28 billion estimate. The company posted earnings per share of $2.39, beating the $1.95 estimate, and projected Q3 revenue between $1.32 billion and $1.34 billion, above the $1.30 billion consensus. AppLovin's adjusted EBITDA margin was approximately 81%, with an annualized EBITDA exceeding $4 billion for the first time. The company also paid down $200 million in debt during the quarter.