Snap Inc. Announces Third Quarter 2025 Financial Results

SANTA MONICA, Calif.--( BUSINESS WIRE)--Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2025.

“Our focus on performance, creativity, and simplicity is helping advertisers achieve stronger results while giving our community more ways to communicate,” said Evan Spiegel, CEO. “I’m proud of the team’s progress and confident that our discipline and innovation will support durable, long-term growth.”

Snap Inc. also announced today its board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. Repurchases of the Class A common stock may be made from time to time, either through open market transactions (including through Rule 10b5-1 trading plans) or through privately negotiated transactions in accordance with applicable securities laws. The timing and actual number of shares repurchased will depend on a variety of factors, including stock price, trading volume, market and economic conditions, and other general business considerations. Repurchases under the program have been authorized for 12 months but the program may be initiated, modified, suspended, or terminated at any time during such period.

The goal of the program is to utilize the company’s strong balance sheet to opportunistically offset a portion of the dilution related to the issuance of restricted stock units to employees as part of the overall compensation program designed to foster an ownership culture.

Repurchases under this program will be funded from existing cash and cash equivalents. As of September 30, 2025, Snap had $3.0 billion in cash, cash equivalents, and marketable securities.

Q3 2025 Financial Summary

Three Months Ended

September 30,

Percent

Change

Nine Months Ended

September 30,

Percent

Change

2025

2024

2025

2024

(Unaudited)

(dollars in thousands, except per share amounts)

Revenue

1,506,839

1,372,574

4,214,986

3,804,115

Operating loss

(128,362

)

(173,210

)

(581,884

)

(760,417

)

Net loss

(103,541

)

(153,247

)

(505,698

)

(706,957

)

Adjusted EBITDA (1)

182,038

131,962

331,733

232,598

Net cash provided by (used in) operating activities

146,488

115,872

386,592

182,847

111

Free Cash Flow (2)

93,444

71,831

231,633

36,296

538

Diluted net loss per share attributable to common stockholders

(0.06

)

(0.09

)

(0.30

)

(0.43

)

(1)

See page 11 for a reconciliation of net loss to Adjusted EBITDA. Total restructuring charges for the nine months ended September 30, 2024, and excluded from Adjusted EBITDA, was $72.0 million. No restructuring charges were incurred during the three and nine months ended September 30, 2025 and the three months ended September 30, 2024.

(2)

See page 11 for a reconciliation of net cash provided by (used in) operating activities to Free Cash Flow.

Q3 2025 Summary & Key Highlights

We deepened engagement with our community:

We are focused on accelerating and diversifying our revenue growth:

We invested in our augmented reality platform:

We are making computers more human with Specs:

Q4 2025 Outlook

Snap Inc. will discuss its Q4 2025 outlook during its Q3 2025 Earnings Call (details below) and in its investor letter available at investor.snap.com.

Conference Call Information

Snap Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific / 5:00 p.m. Eastern today. The live audio webcast along with supplemental information will be accessible at investor.snap.com. A recording of the webcast will also be available following the conference call.

Snap Inc. uses its websites (including snap.com and investor.snap.com) as means of disclosing material non-public information and for complying with its disclosure obligation under Regulation FD.

Definitions

Free Cash Flow is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment.

Common shares outstanding plus shares underlying stock-based awards includes common shares outstanding, restricted stock units, restricted stock awards, and outstanding stock options.

Adjusted EBITDA is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during a defined 24-hour period. We calculate average DAUs for a particular quarter by adding the number of DAUs on each day of that quarter and dividing that sum by the number of days in that quarter.

Average revenue per user (ARPU) is defined as quarterly revenue divided by the average DAUs.

A Monthly Active User (MAU) is defined as a registered and logged-in Snapchat user who visits Snapchat through our applications or websites at least once during the 30-day period ending on the calendar month-end. We calculate average Monthly Active Users for a particular quarter by calculating the average of the MAUs as of each calendar month-end in that quarter.

Note: For adjustments and additional information regarding the non-GAAP financial measures and other items discussed, please see “Non-GAAP Financial Measures,” “Reconciliation of GAAP to Non-GAAP Financial Measures,” and “Supplemental Financial Information and Business Metrics.”

About Snap Inc.

Snap Inc. is a technology company. We believe the camera presents the greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together. For more information, visit snap.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding guidance, our future results of operations or financial condition, future stock repurchase programs or stock dividends, business strategy and plans, user growth and engagement, product initiatives, objectives of management for future operations, and advertiser and partner offerings, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. We caution you that the foregoing may not include all of the forward-looking statements made in this press release.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends, including our financial outlook, macroeconomic uncertainty, and geo-political events and conflicts, that we believe may continue to affect our business, financial condition, results of operations, and prospects. These forward-looking statements are subject to risks and uncertainties related to: our financial performance; our ability to attain and sustain profitability; our ability to generate and sustain positive cash flow; our ability to attract and retain users, partners, and advertisers; competition and new market entrants; managing our growth and future expenses; compliance with new laws, regulations, and executive actions; our ability to maintain, protect, and enhance our intellectual property; our ability to succeed in existing and new market segments; our ability to attract and retain qualified team members and key personnel; our ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures, or investments; and the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our most recent periodic report filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in our periodic report that will be filed with the SEC for the period covered by this press release and other filings that we make from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, including future developments related to geo-political events and conflicts and macroeconomic conditions, except as required by law.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We use the non-GAAP financial measure of Free Cash Flow, which is defined as net cash provided by (used in) operating activities, reduced by purchases of property and equipment. We believe Free Cash Flow is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business and is a key financial indicator used by management. Additionally, we believe that Free Cash Flow is an important measure since we use third-party infrastructure partners to host our services and therefore we do not incur significant capital expenditures to support revenue generating activities. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

We use the non-GAAP financial measure of Adjusted EBITDA, which is defined as net income (loss), excluding interest income; interest expense; other income (expense), net; income tax benefit (expense); depreciation and amortization; stock-based compensation expense; payroll and other tax expense related to stock-based compensation; and certain other items impacting net income (loss) from time to time. We believe that Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in Adjusted EBITDA.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures.”

Snap Inc., “Snapchat,” and our other registered and common law trade names, trademarks, and service marks are the property of Snap Inc. or our subsidiaries.

SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Cash flows from operating activities

Net loss

(103,541

)

(153,247

)

(505,698

)

(706,957

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

42,514

38,850

120,252

118,493

Stock-based compensation

260,363

260,229

759,587

783,292

Amortization of debt issuance costs and debt discount (premium)

686

2,717

7,778

6,667

Losses (gains) on debt and equity securities, net

1,182

536

15,774

12,166

(Gain) loss on extinguishment of debt

(29,795

)

—

(96,734

)

6,672

Other

2,985

2,200

14,542

(10,501

)

Change in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable, net of allowance

(89,096

)

(51,941

)

102,032

73,350

Prepaid expenses and other current assets

(16,313

)

11,914

(46,199

)

(36,241

)

Operating lease right-of-use assets

14,909

12,731

42,829

41,235

Other assets

161

3,090

7,054

(3,007

)

Accounts payable

38,125

(16,642

)

(21,818

)

(112,287

)

Accrued expenses and other current liabilities

23,926

19,331

9,053

46,771

Operating lease liabilities

1,325

(16,384

)

(24,160

)

(44,254

)

Other liabilities

(943

)

2,488

2,300

7,448

Net cash provided by (used in) operating activities

146,488

115,872

386,592

182,847

Cash flows from investing activities

Purchases of property and equipment

(53,044

)

(44,041

)

(154,959

)

(146,551

)

Purchases of strategic investments

—

(20,000

)

(2,000

)

Sales of strategic investments

11,050

557

11,050

1,572

Cash paid for acquisitions, net of cash acquired

—

(35,499

)

—

Purchases of marketable securities

(388,652

)

(705,066

)

(1,015,317

)

(1,945,590

)

Sales of marketable securities

102,530

187,754

539,688

354,311

Maturities of marketable securities

220,203

337,985

785,317

1,170,066

Other

—

(100

)

Net cash provided by (used in) investing activities

(107,913

)

(222,811

)

110,280

(568,292

)

Cash flows from financing activities

Proceeds from issuance of notes, net of issuance costs

541,110

—

2,014,193

740,350

Purchase of capped calls

—

(68,850

)

Proceeds from termination of capped calls

—

62,683

Proceeds from the exercise of stock options

—

10,304

—

12,798

Repurchases of Class A non-voting common stock

—

(500,573

)

(311,069

)

Deferred payments for acquisitions

—

(67,539

)

(3,695

)

Repurchases of convertible notes

(549,924

)

—

(1,994,550

)

(859,042

)

Repayment of convertible notes

—

(36,240

)

—

Other

(3,199

)

—

(6,898

)

(1,799

)

Net cash provided by (used in) financing activities

(12,013

)

10,304

(591,607

)

(428,624

)

Change in cash, cash equivalents, and restricted cash

26,562

(96,635

)

(94,735

)

(814,069

)

Cash, cash equivalents, and restricted cash, beginning of period

928,937

1,065,028

1,050,234

1,782,462

Cash, cash equivalents, and restricted cash, end of period

955,499

968,393

955,499

968,393

SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Revenue

1,506,839

1,372,574

4,214,986

3,804,115

Costs and expenses:

Cost of revenue

674,220

638,907

1,967,132

1,802,577

Research and development

453,418

412,791

1,320,908

1,268,746

Sales and marketing

256,215

273,107

772,025

815,461

General and administrative

251,348

220,979

736,805

677,748

Total costs and expenses

1,635,201

1,545,784

4,796,870

4,564,532

Operating loss

(128,362

)

(173,210

)

(581,884

)

(760,417

)

Interest income

32,255

38,533

102,472

114,893

Interest expense

(34,494

)

(5,883

)

(85,500

)

(15,739

)

Other income (expense), net

27,570

(4,355

)

75,816

(25,228

)

Loss before income taxes

(103,031

)

(144,915

)

(489,096

)

(686,491

)

Income tax benefit (expense)

(510

)

(8,332

)

(16,602

)

(20,466

)

Net loss

(103,541

)

(153,247

)

(505,698

)

(706,957

)

Net loss per share attributable to Class A, Class B, and Class C common stockholders:

Basic

(0.06

)

(0.09

)

(0.30

)

(0.43

)

Diluted

(0.06

)

(0.09

)

(0.30

)

(0.43

)

Weighted average shares used in computation of net loss per share:

Basic

1,696,542

1,663,011

1,689,251

1,651,756

Diluted

1,696,542

1,663,011

1,689,251

1,651,756

SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

September 30,

2025

December 31,

2024

(unaudited)

Assets

Current assets

Cash and cash equivalents

953,317

1,046,534

Marketable securities

2,040,060

2,329,745

Accounts receivable, net of allowance

1,248,011

1,348,472

Prepaid expenses and other current assets

235,099

182,006

Total current assets

4,476,487

4,906,757

Property and equipment, net

557,418

489,088

Operating lease right-of-use assets

520,187

530,441

Intangible assets, net

77,257

86,363

Goodwill

1,720,586

1,689,785

Other assets

226,015

233,914

Total assets

7,577,950

7,936,348

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

153,683

173,197

Operating lease liabilities

43,468

24,885

Accrued expenses and other current liabilities

976,547

1,009,254

Short-term debt, net

46,951

36,212

Total current liabilities

1,220,649

1,243,548

Long-term debt, net

3,490,938

3,607,717

Operating lease liabilities, noncurrent

572,240

575,082

Other liabilities

66,773

59,240

Total liabilities

5,350,600

5,485,587

Commitments and contingencies

Stockholders’ equity

Class A non-voting common stock, $0.00001 par value. 3,000,000 shares authorized, 1,501,916 shares issued, 1,456,759 shares outstanding at September 30, 2025, and 3,000,000 shares authorized, 1,483,718 shares issued, 1,436,495 shares outstanding at December 31, 2024.

Class B voting common stock, $0.00001 par value. 700,000 shares authorized, 22,523 shares issued and outstanding at September 30, 2025 and December 31, 2024.

—

Class C voting common stock, $0.00001 par value. 260,888 shares authorized, 231,627 shares issued and outstanding at September 30, 2025 and December 31, 2024.

Treasury stock, at cost. 45,157 and 47,222 shares of Class A non-voting common stock at September 30, 2025 and December 31, 2024, respectively.

(440,476

)

(460,620

)

Additional paid-in capital

16,383,575

15,644,132

Accumulated deficit

(13,741,732

)

(12,735,461

)

Accumulated other comprehensive income (loss)

25,966

2,694

Total stockholders’ equity

2,227,350

2,450,761

Total liabilities and stockholders’ equity

7,577,950

7,936,348

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Free Cash Flow reconciliation:

Net cash provided by (used in) operating activities

146,488

115,872

386,592

182,847

Less:

Purchases of property and equipment

(53,044

)

(44,041

)

(154,959

)

(146,551

)

Free Cash Flow

93,444

71,831

231,633

36,296

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Adjusted EBITDA reconciliation:

Net loss

(103,541

)

(153,247

)

(505,698

)

(706,957

)

Add (deduct):

Interest income

(32,255

)

(38,533

)

(102,472

)

(114,893

)

Interest expense

34,494

5,883

85,500

15,739

Other (income) expense, net

(27,570

)

4,355

(75,816

)

25,228

Income tax (benefit) expense

510

8,332

16,602

20,466

Depreciation and amortization

42,514

38,850

120,252

114,878

Stock-based compensation expense

260,363

260,229

759,587

773,890

Payroll and other tax expense related to stock-based compensation

7,523

6,093

33,778

32,196

Restructuring charges (1)

—

72,051

Adjusted EBITDA

182,038

131,962

331,733

232,598

(1)

Restructuring charges during 2024 primarily include $70.2 million of cash severance, stock-based compensation expense, and other charges associated with the 2024 restructuring. These charges are not reflective of underlying trends in our business.

Total depreciation and amortization expense by function:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Depreciation and amortization expense (1):

Cost of revenue

1,016

965

3,941

4,987

Research and development

27,127

24,798

74,963

75,305

Sales and marketing

5,487

4,953

15,418

14,614

General and administrative

8,884

8,134

25,930

23,587

Total

42,514

38,850

120,252

118,493

(1)

Depreciation and amortization expense for the nine months ended September 30, 2024 includes restructuring charges.

SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued)

(in thousands, except per share amounts, unaudited)

Total stock-based compensation expense by function:

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Stock-based compensation expense (1):

Cost of revenue

2,327

1,333

5,417

4,408

Research and development

171,649

172,516

495,146

518,500

Sales and marketing

51,236

53,345

154,386

160,209

General and administrative

35,151

33,035

104,638

100,175

Total

260,363

260,229

759,587

783,292

(1)

Stock-based compensation expense for the three and nine months ended September 30, 2024 includes restructuring charges.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

(dollars and shares in thousands, except per user amounts, unaudited)

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

(NM = Not Meaningful)

Cash Flows and Shares

Net cash provided by (used in) operating activities

(21,377

)

115,872

230,633

151,610

88,494

146,488

Net cash provided by (used in) operating activities - YoY (year-over-year)

514

Net cash provided by (used in) operating activities - TTM (trailing twelve months)

244,330

347,421

413,480

476,738

586,609

617,225

Purchases of property and equipment

(52,062

)

(44,041

)

(48,275

)

(37,214

)

(64,701

)

(53,044

)

Purchases of property and equipment - YoY

(40

(10

(26

Purchases of property and equipment - TTM

(229,664

)

(200,270

)

(194,826

)

(181,592

)

(194,231

)

(203,234

)

Free Cash Flow

(73,439

)

71,831

182,358

114,396

23,793

93,444

Free Cash Flow - YoY

218

202

132

Free Cash Flow - TTM

14,666

147,151

218,654

295,146

392,378

413,991

Common shares outstanding

1,653,820

1,672,212

1,690,645

1,686,678

1,682,350

1,710,909

Common shares outstanding - YoY

Shares underlying stock-based awards

144,315

132,783

135,036

136,044

144,011

150,460

Shares underlying stock-based awards - YoY

(14

(15

—

Total common shares outstanding plus shares underlying stock-based awards

1,798,135

1,804,995

1,825,681

1,822,722

1,826,361

1,861,369

Total common shares outstanding plus shares underlying stock-based awards - YoY

Results of Operations

Revenue

1,236,768

1,372,574

1,557,283

1,363,217

1,344,930

1,506,839

Revenue - YoY

Revenue - TTM

4,981,379

5,165,402

5,361,398

5,529,842

5,638,004

5,772,269

Revenue by region (1)

North America

767,560

857,621

968,943

831,691

820,600

897,814

North America - YoY

North America - TTM

3,196,387

3,267,854

3,337,255

3,425,815

3,478,855

3,519,048

Europe

229,835

248,902

287,031

224,015

265,343

297,950

Europe - YoY

Europe - TTM

864,204

912,834

961,612

989,783

1,025,291

1,074,339

Rest of World

239,373

266,051

301,309

307,511

258,987

311,075

Rest of World - YoY

Rest of World - TTM

920,788

984,714

1,062,531

1,114,244

1,133,858

1,178,882

Operating loss

(253,975

)

(173,210

)

(26,877

)

(193,846

)

(259,676

)

(128,362

)

Operating loss - YoY

Operating loss - Margin

(21

(13

(14

(19

Operating loss - TTM

(1,215,983

)

(1,009,130

)

(787,294

)

(647,908

)

(653,609

)

(608,761

)

Net income (loss)

(248,620

)

(153,247

)

9,101

(139,587

)

(262,570

)

(103,541

)

Net income (loss) - YoY

104

Net income (loss) - Margin

(20

(11

(10

(20

Net income (loss) - TTM

(1,170,213

)

(955,204

)

(697,856

)

(532,353

)

(546,303

)

(496,597

)

Adjusted EBITDA

54,977

131,962

276,007

108,425

41,270

182,038

Adjusted EBITDA - YoY

243

229

137

(25

Adjusted EBITDA - Margin (2)

Adjusted EBITDA - TTM

299,879

391,747

508,605

571,371

557,664

607,740

(1)

Total revenue for geographic reporting is apportioned to each region based on our determination of the geographic location in which advertising impressions are delivered, as this approximates revenue based on user activity. This allocation is consistent with how we determine ARPU.

(2)

We define Adjusted EBITDA margin as Adjusted EBITDA divided by GAAP revenue.

SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

(dollars and shares in thousands, except per user amounts, unaudited)

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Other

DAU (in millions) (1)

432

443

453

460

469

477

DAU - YoY (2)

DAU by region (in millions)

North America

100

North America - YoY

—

Europe

100

Europe - YoY

Rest of World

235

244

254

262

271

280

Rest of World - YoY

MAU (in millions)

868

883

895

913

932

943

MAU - YoY (2)

ARPU

2.86

3.10

3.44

2.96

2.87

3.16

ARPU - YoY

—

ARPU by region

North America

7.67

8.54

9.73

8.41

8.33

9.20

North America - YoY

Europe

2.36

2.52

2.89

2.26

2.65

2.99

Europe - YoY

Rest of World

1.02

1.09

1.19

1.17

0.96

1.11

Rest of World - YoY

Employees (full-time; excludes part-time, contractors, and temporary personnel)

4,719

4,800

4,911

5,061

5,206

5,194

Employees - YoY

(11

Depreciation and amortization expense

Cost of revenue

1,872

965

1,123

1,420

1,505

1,016

Research and development

22,909

24,798

24,351

22,987

24,849

27,127

Sales and marketing

5,084

4,953

5,333

4,823

5,108

5,487

General and administrative

8,065

8,134

8,774

8,485

8,561

8,884

Total

37,930

38,850

39,581

37,715

40,023

42,514

Depreciation and amortization expense - YoY

(24

(10

Stock-based compensation expense

Cost of revenue

1,260

1,333

1,626

1,434

1,656

2,327

Research and development

171,465

172,516

165,330

156,688

166,809

171,649

Sales and marketing

52,208

53,345

56,463

54,440

48,710

51,236

General and administrative

34,378

33,035

34,312

34,776

34,711

35,151

Total

259,311

260,229

257,731

247,338

251,886

260,363

Stock-based compensation expense - YoY

(18

(27

(23

—

(1)

Numbers may not foot due to rounding.

(2)

In the first quarter of 2025, we refined our processes and controls to allow us to more accurately record user activity that would not otherwise be recorded during such period due to delays in receiving user metric information resulting from carrier or other user connectivity issues during the measurement period. For additional information concerning these refinements, see the “Note Regarding User Metrics and Other Data” in our Quarterly Report filed on Form 10-Q for the first quarter of 2025. As a result of such refinements, our DAUs and MAUs may not be directly comparable to those in prior periods.