Snap will stop reporting regional daily users in 2027; North America fell 6% to 92 million
The last regional table shows North American daily users down 6 percent at 92 million, an eighth straight annual drop, in a region that still produces 59 percent of revenue. The $56 million profit Snap just booked rests on charging that shrinking base 20 percent more per user, and from 2027 investors lose the count that proves it.
Vincent Jiangthree-minute read
Snap's third-quarter report arrived on November 4 carrying two headlines in one document 1. Revenue rose 14 percent to $1,722 million, net income reached $56 million against a $104 million loss a year earlier, and adjusted EBITDA doubled to $383 million 1.
Deeper in the same release sat the other news: from first-quarter 2027 results, global monthly active users becomes Snap's−0.99% — Snap, down 0.99 percent today primary audience metric, and regional daily users and regional revenue per user stop being published 1. Shares fell more than 10 percent in after-hours trading 2 and closed Friday at $4.96, about 46 percent below the 52-week high 3.
The series being retired is the one still falling
The final regional table explains the read. North American daily users fell 6 percent to 92 million, an eighth consecutive year-over-year decline 13. Those users are 19 percent of the daily base but delivered 59 percent of revenue: $1,014 million, up 13 percent, because revenue per user jumped 20 percent to $11.07 13.
North American daily users went from 98 to 92 million in six quarters
The metric Snap retires in 2027 is the one still falling
Data
| North America daily active users (millions) | |
|---|---|
| Q2 2025 | 98 |
| Q3 2025 | 98 |
| Q4 2025 | 94 |
| Q1 2026 | 92 |
| Q2 2026 | 92 |
| Q3 2026 | 92 |
What survives the cull is the numerator. Chief Financial Officer Doug Hott told analysts Snap will keep reporting revenue for North America, Europe and the rest of the world 4. The dollar line stays; the user count that turns it into a price goes. From 2027, a 13 percent revenue gain in Snap's richest market will have no denominator to answer to 4.
Subscription dollars and higher prices made the profit
Advertising, the business Snap still calls its growth priority, rose 4 percent; other revenue, led by Snapchat+ and Lens+, rose 84 percent, past 30 million paid subscribers 5. Direct response is now 77 percent of revenue, and its gains run through the buyer's pocket: on app-purchase campaigns, purchase volume more than doubled while average cost per purchase fell about 24 percent 4. Meta+0.60% — Meta, up 0.60 percent today, whose Muse daily-user stumble The Inference charted in October, grew advertising 26 percent to $63.1 billion in the same quarter 6.
Q3 growth came from subscriptions and price, not from advertising
Advertising grew 4% while subscription-led other revenue grew 84%
Data
| Value | |
|---|---|
| Advertising | 4% |
| Total revenue | 14% |
| Other revenue (subscriptions) | 84% |
Management's case, and what February decides
Snap's framing is coherent. Hott tied the switch to the 2025 pivot toward profitable growth: less money buying daily users, monthly users approaching one billion as the measure of scale, and free cash flow per share as the scorecard 4. Chief Executive Evan Spiegel said the change "certainly doesn't mean we're trying to reduce time spent or accept lower ad revenue" 4. The discipline is real: total costs rose 1 percent, and free cash flow rose 76 percent to $164 million 15.
The fourth-quarter guide is $1.950 billion to $1.985 billion of revenue and $490 million to $525 million of adjusted EBITDA, and it absorbs planned spending on SPECS, the augmented-reality glasses priced from $2,195 and shipping this fall, with no unit or revenue figure attached 47. February's print decides whether advertising accelerates off 4 percent before the regional table disappears for good one quarter later 3. JPMorgan cut its target to $5 from $6 the day after the report 3.
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