Snap issues cautious guidance as Perplexity deal ends, Middle East 'geopolitical situation' causes uncertainty

Evan Spiegel, co-founder and chief executive officer of Snap Inc., during the Axios Media Trends Live event in New York, US, on Thursday, Sept. 18, 2025. Michael Nagle | Bloomberg | Getty Images Snap shares dropped about 4% in extended trading after the company reported first-quarter earnings on Wednesday and provided cautious sales guidance while revealing it no longer has a deal with the generative AI startup Perplexity. …