From a Snap reality check; also see Snapchat Is Becoming Like the Internet It Disdains (Bloomberg)
"The fact that Snap’s daily audience is already shrinking represents a rather dramatic turn from two years ago, when Snap added 21 million daily users in the same quarter.Why Snapchat is shrinking (Recode)
At the time, everything looked like it was growing rapidly ahead of Snap’s initial public offering, and Facebook investors were concerned that Snap — which had refused Facebook’s acquisition offers — might steal away the social giant’s users. Facebook responded by building Snapchat’s best feature, Stories, into all of its apps.
It looks like Facebook is safe after all. Not only did Snap’s total daily audience shrink, but so did its daily audience in its most valuable market, North America. That’s where the advertising industry is developed and Snapchat users generate more than three times as much in revenue as they do in Europe. Snapchat’s North American daily active users declined to 80 million from 81 million the prior quarter."