Exhibit 99.1

Snap Inc. Announces First Quarter 2019 Financial Results

Daily Active Users increased 2% sequentially to 190 million

First quarter revenue increased 39% to $320 million

Year over year revenue growth accelerated to 39%, from 36% in the prior quarter

SANTA MONICA, Calif. – April 23, 2019 – Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended March 31, 2019.

Financial Highlights

• Operating cash flow improved by $166 million to $(66) million in Q1 2019, compared to the prior year.

• Free Cash Flow improved by $190 million to $(78) million in Q1 2019, compared to the prior year.

• Common shares outstanding plus shares underlying stock-based awards totaled 1,544 million at March 31, 2019, compared with 1,457 million one year ago.

• Revenue increased 39% to $320 million in Q1 2019, compared to the prior year.

• Operating loss improved $76 million to $(316) million in Q1 2019, compared to the prior year.

• Net loss improved $75 million to $(310) million in Q1 2019, compared to the prior year.

• Adjusted EBITDA loss improved $94 million to $(123) million in Q1 2019, compared to the prior year.

“In the first quarter we delivered strong results across our business with growth in daily active users and revenue,” said Evan Spiegel, CEO. “Our new Android application is available to everyone, with promising early results. This month we announced several new products that we believe will drive further engagement and monetization. As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth.”

	Three Months Ended March 31,						Percent
	2019			2018			Change
(Unaudited)	(in thousands, except per share amounts)
Cash used in operating activities	$	(66,178	)	$	(231,981	)		(71	)%
Free Cash Flow	$	(77,992	)	$	(268,296	)		71	%
Common shares outstanding plus shares underlying stock-based awards		1,543,986			1,456,613			6	%
Operating loss	$	(316,061	)	$	(392,530	)		(19	)%
Revenue	$	320,426		$	230,666			39	%
Net loss	$	(310,407	)	$	(385,785	)		(20	)%
Adjusted EBITDA	$	(123,449	)	$	(217,867	)		43	%
Diluted net loss per share attributable to common shareholders	$	(0.23	)	$	(0.30	)		(24	)%
Non-GAAP diluted net loss per share	$	(0.10	)	$	(0.17	)		(44	)%

Q1 2019 Summary & Key Highlights

We started the year increasing Daily Active Users and enhancing engagement across key metrics:

• DAUs were 190 million in Q1 2019, compared to 186 million in Q4 2018 and 191 million in Q1 2018.

• As of March, Snapchat reaches 90% of all 13-24 year-olds and 75% of all 13-34 year-olds in the U.S.

We fully rolled out the new build of our Android application:

• As of the end of Q1, our new Android application is available to everyone.

• The new app is 25% smaller, opens 20% faster on average, and is modularized for more efficient ongoing innovation.

• On lower-performing devices, this resulted in a 6% increase in the number of users sending Snaps within the first week of upgrading to the new Android build.

On April 4th, we hosted the first ever Snap Partner Summit to celebrate our partners and to come together in person to share some of the latest innovations we brought to our platform. These include:

• Games – We unveiled Snap Games – an all-new live, multi-player gaming experience featuring our original game Bitmoji Party and select third-party games.

• Augmented Reality – We introduced a number of augmented reality (AR) innovations, including Landmarkers, AR Bar, and Scan.

• Snap Kit – We added new features to Snap Kit, enabling our app partners to utilize the best features in Snapchat, including App Stories, Creative Kit Web, and Snap Audience Network.

• Discover – We announced a new slate of ten Snap Original Shows, our premium, mobile shows created exclusively for Snapchat’s audience, which will begin airing in May 2019, and renewed three of our most popular Snap Original Shows, including “The Dead Girls Detective Agency,” “Endless Summer,” and “Deep Creek.”

We’ve enhanced Discover’s high quality, made-for-mobile video offering across the Snapchat platform:

• In Q1 2019, nearly half of our daily Discover viewers watched Discover every day of the week.

• We now offer more than 450 premium content channels worldwide.

• In the past six months, we’ve more than doubled the number of localized media partners outside of the U.S.

• In Q1 2019 alone, we launched over 50 new Shows and Publisher Stories in international markets.

• In March, our partners increased their total mobile monthly audience in the U.S. by an average of more than 30% just by publishing to Discover, as measured by ComScore.

We have made major strides in building our platform capabilities to drive improved outcomes for advertisers:

• We made several updates to our self-serve tool, Ads Manager, including enhancing advanced features such as target cost bidding, new bulk uploading capabilities, bulk editing and cloning, and the expansion of location categories to the UK, Canada, and France.

• We continue to invest in brand-focused buying tools; our Reach & Frequency product now allows for one-day buys (the previous minimum was three) and has been expanded to the UK, Canada, and France.

• Toyota ran a sophisticated campaign across our various video and AR products to promote the Corolla Hatchback among Millennials. Snapchatters engaged with the ads, watching more than 90% of their Commercials on average, and playing with their Lenses for more than 10 seconds each on average.

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Financial Guidance

The following forward-looking statements reflect our expectations for the second quarter of 2019 as of April 23, 2019, and are subject to substantial uncertainty. This guidance assumes, among other things, that no business acquisitions, investments, restructurings, or legal settlements are concluded in the quarter. Our results are based on assumptions that we believe to be reasonable as of this date, but may be materially affected by many factors, as discussed below in “Forward-Looking Statements.”

Q2 2019 Outlook

• Revenue is expected to be between $335 million and $360 million, or grow between 28% and 37% compared to Q2 2018.

• Adjusted EBITDA is expected to be between $(150) million and $(125) million, compared to $(169) million in Q2 2018.

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 the investor.snap.com and snap.com/news websites 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 and related payroll tax expense; and certain other non-cash or non-recurring items impacting net income (loss) from time to time.

A Daily Active User (DAU) is defined as a registered Snapchat user who opens the Snapchat application 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 Snapchat user who opens the Snapchat application 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.

Addressable reach is defined as the approximate number of Snapchat users that an ad could reach over a 28-day period in a given locality. When we calculate the percentage of a demographic group that can be reached, we do so by dividing addressable reach by relevant census figures. Addressable reach and age data are subject to limitations. For more information, see Snap’s SEC filings and businesshelp.snapchat.com.

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.”

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About Snap Inc.

Snap Inc. is a camera company. We believe that reinventing the camera represents our 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.

Contact

Investors and Analysts:

ir@snap.com

Press:

press@snap.com

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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, business strategy and plans, user growth and engagement, product initiatives, and objectives of management for future operations, 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 that we believe may 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 lack of profitability to date; our ability to generate and sustain positive cash flow; our ability to attract and retain users, publishers, and advertisers; competition and new market entrants; managing our international expansion and our growth and future expenses; compliance with new laws and regulations; our ability to maintain, protect, and enhance our intellectual property; our ability to attract and retain qualified and key personnel; and future acquisitions or investments, as well as risks, uncertainties, and other factors described in “Risk Factors” and elsewhere in our annual report on Form 10-K for the fiscal year ended December 31, 2018 filed with the SEC, which is available on the SEC’s website at www.sec.gov. Additional information will be made available in Snap Inc.’s quarterly report on Form 10-Q for the quarter ended March 31, 2019 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, 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 and related payroll tax expense; and certain other non-cash or non-recurring 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.

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We use the non-GAAP financial measure of non-GAAP net loss, which is defined as net income (loss); excluding amortization of intangible assets; stock-based compensation expense and related payroll tax expense; certain other non-cash or non-recurring items impacting net income (loss) from time to time; and related income tax adjustments. Non-GAAP net loss and weighted average diluted shares are then used to calculate non-GAAP diluted net loss per share. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses we exclude in the measure.

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.

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SNAP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

	Three Months Ended March 31,
	2019			2018
Cash flows from operating activities
Net loss	$	(310,407	)	$	(385,785	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		23,319			21,553
Stock-based compensation		162,556			133,258
Deferred income taxes		(266	)		236
Other		(1,917	)		(3,392	)
Change in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net of allowance		71,870			48,697
Prepaid expenses and other current assets		271			(10,439	)
Operating lease right-of-use asset		9,812			—
Other assets		(368	)		4,204
Accounts payable		3,090			(37,069	)
Accrued expenses and other current liabilities		(14,323	)		(10,149	)
Operating lease liabilities		(10,470	)		—
Other liabilities		655			6,905
Net cash used in operating activities		(66,178	)		(231,981	)
Cash flows from investing activities
Purchases of property and equipment		(11,814	)		(36,315	)
Sales of property and equipment		29			—
Purchases of intangible assets		—			(60	)
Non-marketable investments		(2,250	)		—
Purchases of marketable securities		(525,520	)		(477,213	)
Sales of marketable securities		—			45,007
Maturities of marketable securities		458,627			787,828
Net cash provided by (used in) investing activities		(80,928	)		319,247
Cash flows from financing activities
Proceeds from the exercise of stock options		5,596			45,809
Stock repurchases from employees for tax withholdings		—			(551	)
Net cash provided by financing activities		5,596			45,258
Change in cash, cash equivalents, and restricted cash		(141,510	)		132,524
Cash, cash equivalents, and restricted cash, beginning of period		388,974			337,007
Cash, cash equivalents, and restricted cash, end of period	$	247,464		$	469,531
Supplemental disclosures
Cash paid for income taxes	$	320		$	991

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SNAP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts, unaudited)

	Three Months Ended March 31,
	2019			2018
Revenue	$	320,426		$	230,666
Costs and expenses:
Cost of revenue		203,767			196,798
Research and development		216,185			200,986
Sales and marketing		97,882			102,113
General and administrative		118,653			123,299
Total costs and expenses		636,487			623,196
Operating loss		(316,061	)		(392,530	)
Interest income		7,816			6,104
Interest expense		(756	)		(934	)
Other income (expense), net		(1,127	)		3,153
Loss before income taxes		(310,128	)		(384,207	)
Income tax benefit (expense)		(279	)		(1,578	)
Net loss	$	(310,407	)	$	(385,785	)
Net loss per share attributable to Class A, Class B, and Class C common stockholders:
Basic	$	(0.23	)	$	(0.30	)
Diluted	$	(0.23	)	$	(0.30	)
Weighted average shares used in computation of net loss per share:
Basic		1,340,615			1,270,998
Diluted		1,340,615			1,270,998

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SNAP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par value)

	March 31, 2019			December 31,                       2018
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	245,639		$	387,149
Marketable securities		963,093			891,914
Accounts receivable, net of allowance		282,407			354,965
Prepaid expenses and other current assets		41,701			41,900
Total current assets		1,532,840			1,675,928
Property and equipment, net		195,302			212,560
Operating lease right-of-use assets		284,486			—
Intangible assets, net		115,386			126,054
Goodwill		629,596			632,370
Other assets		68,133			67,194
Total assets	$	2,825,743		$	2,714,106
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	31,827		$	30,876
Operating lease liabilities		46,078			—
Accrued expenses and other current liabilities		244,999			261,815
Total current liabilities		322,904			292,691
Operating lease liabilities, noncurrent		329,293			—
Other liabilities		7,669			110,416
Total liabilities		659,866			403,107
Commitments and contingencies
Stockholders’ equity
Class A non-voting common stock, $0.00001 par value. 3,000,000 shares    authorized, 999,304 shares issued and outstanding at December 31, 2018, and    3,000,000 shares authorized, 1,057,135 shares issued and outstanding    at March 31, 2019.		11			10
Class B voting common stock, $0.00001 par value. 700,000 shares authorized,    93,846 shares issued and outstanding at December 31, 2018, and 700,000 shares    authorized, 51,510 shares issued and outstanding at March 31, 2019.		1			1
Class C voting common stock, $0.00001 par value. 260,888 shares authorized,    224,611 shares issued and outstanding at December 31, 2018, and 260,888 shares    authorized, 226,287 shares issued and outstanding at March 31, 2019.		2			2
Additional paid-in capital		8,388,608			8,220,417
Accumulated other comprehensive income		(68	)		3,147
Accumulated deficit		(6,222,677	)		(5,912,578	)
Total stockholders’ equity		2,165,877			2,310,999
Total liabilities and stockholders’ equity	$	2,825,743		$	2,714,106

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SNAP INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands, unaudited)

	Three Months Ended March 31,
	2019			2018
Free Cash Flow reconciliation:
Net cash used in operating activities	$	(66,178	)	$	(231,981	)
Less:
Purchases of property and equipment		(11,814	)		(36,315	)
Free Cash Flow	$	(77,992	)	$	(268,296	)

	Three Months Ended March 31,
	2019			2018
Adjusted EBITDA reconciliation:
Net loss	$	(310,407	)	$	(385,785	)
Add (deduct):
Interest income		(7,816	)		(6,104	)
Interest expense		756			934
Other (income) expense, net		1,127			(3,153	)
Income tax (benefit) expense		279			1,578
Depreciation and amortization		23,319			21,553
Stock-based compensation expense		162,556			133,258
Payroll tax expense related to stock-based compensation		6,737			9,968
Reduction in force charges(1)		—			9,884
Adjusted EBITDA	$	(123,449	)	$	(217,867	)

(1) Reduction in force charges in the first quarter of 2018 were related to a reduction in force plan impacting approximately 7% of our global headcount, primarily in engineering and sales. The charges are composed primarily of severance expense and related payroll tax expense. These charges are non-recurring and not reflective of underlying trends in our business. Additionally, we recognized a stock-based compensation forfeiture benefit of $31.5 million, which is included in the stock-based compensation expense line item above.

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SNAP INC.

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

(in thousands, except per share amounts, unaudited)

Total depreciation and amortization expense by function:

	Three Months Ended March 31,
	2019		2018
Depreciation and amortization expense:
Cost of revenue	$	6,146	$	5,202
Research and development		8,650		8,791
Sales and marketing		4,015		3,569
General and administrative		4,508		3,991
Total	$	23,319	$	21,553

Total stock-based compensation expense by function:

	Three Months Ended March 31,
	2019		2018
Stock-based compensation expense:
Cost of revenue	$	1,849	$	276
Research and development		112,242		77,815
Sales and marketing		17,760		16,185
General and administrative		30,705		38,982
Total	$	162,556	$	133,258

	Three Months Ended March 31,
	2019			2018
Non-GAAP net loss reconciliation:
Net loss	$	(310,407	)	$	(385,785	)
Amortization of intangible assets		10,369			10,824
Stock-based compensation expense		162,556			133,258
Payroll tax expense related to stock-based compensation		6,737			9,968
Reduction in force charges		—			9,884
Income tax adjustments		(115	)		220
Non-GAAP net loss	$	(130,860	)	$	(221,631	)
Weighted-average common shares - Diluted		1,340,615			1,270,998
Non-GAAP diluted net loss per share reconciliation:
Diluted net loss per share	$	(0.23	)	$	(0.30	)
Non-GAAP adjustment to net loss		0.13			0.13
Non-GAAP diluted net loss per share	$	(0.10	)	$	(0.17	)

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SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS

(dollars and shares in thousands, except as noted below, unaudited)

	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Cash Flows and Shares
Net cash used in operating activities	$	(176,083	)	$	(231,981	)	$	(199,346	)	$	(132,543	)	$	(126,054	)	$	(66,178	)
Net cash used in operating activities - YoY (year-over-year)		(5	)%		(50	)%		5	%		32	%		28	%		71	%
Net cash used in operating activities - TTM (trailing twelve months)	$	(734,667	)	$	(811,651	)	$	(801,423	)	$	(739,953	)	$	(689,924	)	$	(524,121	)
Purchases of property and equipment	$	(21,212	)	$	(36,315	)	$	(34,901	)	$	(26,285	)	$	(22,741	)	$	(11,814	)
Purchases of property and equipment - YoY		4	%		102	%		80	%		1	%		7	%		(67	)%
Purchases of property and equipment - TTM	$	(84,518	)	$	(102,840	)	$	(118,376	)	$	(118,713	)	$	(120,242	)	$	(95,741	)
Free Cash Flow	$	(197,295	)	$	(268,296	)	$	(234,247	)	$	(158,828	)	$	(148,795	)	$	(77,992	)
Free Cash Flow - YoY		(5	)%		(55	)%		(2	)%		28	%		25	%		71	%
Free Cash Flow - TTM	$	(819,185	)	$	(914,491	)	$	(919,799	)	$	(858,666	)	$	(810,166	)	$	(619,862	)
Common shares outstanding		1,222,202			1,254,439			1,273,163			1,291,217			1,317,760			1,334,931
Common shares outstanding - YoY	NM				6	%		8	%		7	%		8	%		6	%
Shares underlying stock-based awards		230,802			202,175			205,595			184,802			188,863			209,055
Shares underlying stock-based awards - YoY	NM				(20	)%		(19	)%		(23	)%		(18	)%		3	%
Total common shares outstanding plus shares underlying stock-based awards		1,453,004			1,456,613			1,478,758			1,476,019			1,506,623			1,543,986
Total common shares outstanding plus shares underlying stock-based awards - YoY	NM				2	%		3	%		2	%		4	%		6	%
Results of Operations
Revenue	$	285,693		$	230,666		$	262,263		$	297,695		$	389,822		$	320,426
Revenue - YoY		72	%		54	%		44	%		43	%		36	%		39	%
Revenue - TTM	$	824,949		$	905,967		$	986,559		$	1,076,317		$	1,180,446		$	1,270,206
Revenue by region(1)
North America	$	219,394		$	170,488		$	177,410		$	207,477		$	268,858		$	225,705
North America - YoY		51	%		32	%		20	%		24	%		23	%		32	%
North America - TTM	$	663,057		$	704,827		$	734,599		$	774,769		$	824,233		$	879,450
Europe	$	39,976		$	32,721		$	40,241		$	50,478		$	62,470		$	47,448
Europe - YoY		173	%		150	%		82	%		85	%		56	%		45	%
Europe - TTM	$	102,392		$	122,011		$	140,200		$	163,416		$	185,910		$	200,637
Rest of World	$	26,323		$	27,458		$	44,612		$	39,740		$	58,495		$	47,273
Rest of World - YoY	NM				251	%		272	%		197	%		122	%		72	%
Rest of World - TTM	$	59,501		$	79,130		$	111,761		$	138,133		$	170,305		$	190,120
Operating loss	$	(360,964	)	$	(392,530	)	$	(357,842	)	$	(323,371	)	$	(194,707	)	$	(316,061	)
Operating loss - YoY		(113	)%		82	%		20	%		30	%		46	%		19	%
Operating loss - Margin		(126	)%		(170	)%		(136	)%		(109	)%		(50	)%		(99	)%
Operating loss - TTM	$	(3,485,576	)	$	(1,664,339	)	$	(1,573,163	)	$	(1,434,707	)	$	(1,268,450	)	$	(1,191,981	)
Net loss	$	(349,977	)	$	(385,785	)	$	(353,310	)	$	(325,148	)	$	(191,668	)	$	(310,407	)
Net loss - YoY		106	%		(83	)%		(20	)%		(27	)%		(45	)%		(20	)%
Net loss - TTM	$	(3,445,066	)	$	(1,622,014	)	$	(1,532,231	)	$	(1,414,220	)	$	(1,255,911	)	$	(1,180,533	)
Adjusted EBITDA	$	(158,922	)	$	(217,867	)	$	(169,032	)	$	(138,377	)		(50,363	)		(123,449	)
Adjusted EBITDA - YoY		(4	)%		(16	)%		13	%		23	%		68	%		43	%
Adjusted EBITDA - Margin		(56	)%		(94	)%		(64	)%		(46	)%		(13	)%		(39	)%
Adjusted EBITDA - TTM	$	(720,056	)	$	(749,680	)	$	(724,722	)	$	(684,198	)	$	(575,637	)	$	(481,221	)

(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.

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SNAP INC.

SUPPLEMENTAL FINANCIAL INFORMATION AND BUSINESS METRICS (continued)

(dollars and shares in thousands, except as noted below, unaudited)

	Q4 2017			Q1 2018			Q2 2018			Q3 2018			Q4 2018			Q1 2019
Other
DAU (in millions)		187			191			188			186			186			190
DAU - YoY		18	%		15	%		8	%		5	%		(0	)%		(0	)%
DAU by region (in millions)
North America		80			81			80			79			79			80
North America - YoY		18	%		14	%		7	%		3	%		(1	)%		(1	)%
Europe		60			62			61			59			60			61
Europe - YoY		17	%		13	%		7	%		4	%		(1	)%		(2	)%
Rest of World		47			48			47			47			47			49
Rest of World - YoY		21	%		18	%		12	%		8	%		1	%		2	%
ARPU	$	1.53		$	1.21		$	1.40		$	1.60		$	2.09		$	1.68
ARPU - YoY		46	%		34	%		34	%		37	%		37	%		39	%
ARPU by region
North America	$	2.75		$	2.10		$	2.21		$	2.62		$	3.38		$	2.81
North America - YoY		28	%		16	%		12	%		20	%		23	%		34	%
Europe	$	0.66		$	0.53		$	0.66		$	0.85		$	1.04		$	0.77
Europe - YoY		133	%		120	%		70	%		78	%		57	%		47	%
Rest of World	$	0.56		$	0.58		$	0.96		$	0.84		$	1.24		$	0.97
Rest of World - YoY		284	%		198	%		233	%		175	%		120	%		68	%
Employees (full-time; excludes part-time, contractors, and temporary personnel)		3,069			2,989			2,879			2,903			2,884			2,818
Employees - YoY		65	%		27	%		10	%		(2	)%		(6	)%		(6	)%
Depreciation and amortization expense
Cost of revenue	$	5,179		$	5,202		$	5,610		$	5,582		$	9,888		$	6,146
Research and development		6,937			8,791			9,489			10,174			4,547			8,650
Sales and marketing		3,441			3,569			3,991			4,054			3,475			4,015
General and administrative		3,229			3,991			3,424			5,088			4,772			4,508
Total	$	18,786		$	21,553		$	22,514		$	24,898		$	22,682		$	23,319
Depreciation and amortization expense - YoY		77	%		73	%		79	%		43	%		21	%		8	%
Stock-based compensation expense
Cost of revenue	$	2,189		$	276		$	1,467		$	1,368		$	1,283		$	1,849
Research and development		129,199			77,815			92,303			95,329			75,086			112,242
Sales and marketing		28,936			16,185			21,996			25,082			20,795			17,760
General and administrative		20,720			38,982			40,605			5,030			24,608			30,705
Total	$	181,044		$	133,258		$	156,371		$	126,809		$	121,772		$	162,556
Stock-based compensation expense - YoY	NM				(93	)%		(36	)%		(43	)%		(33	)%		22	%

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