The news: Snap reported Q2 revenue growth above analyst expectations on Monday, but investors were left wary about the company’s future as its North American user base declined again.

By the numbers:

• Revenues: $1.6 billion, +19% YoY, partially driven by World Cup-related spending
• Snapchat DAUs: 493 million, +5% YoY
• North America DAUs: 92 million, -7% YoY and flat QoQ
• Snapchat MAUs: 971 million, +4% YoY

Snap said products like Memories Storage, Lens+, and Snapchat+ contributed to 85% YoY growth in other revenues.

Zooming in: Better-than-expected revenue gains came despite Snapchat’s broader struggles with slow-growing ad revenues and user declines.

• Snapchat’s user base is on the decline in the US, one of its key markets, slipping from 99 million in Q1 2025 to 92 million this quarter. We forecast users will decline 1.5% this year to 87.3 million and decrease through 2030 as competition and regulation weigh on growth prospects.