Snapchat (SNAP) is getting crushed (-25%) after hours Thursday after reporting 2Q22 earnings. While more and more people are using the app – Daily Active Users (DAUs) increased to 347 million from 332 million a quarter ago – SNAP struggled to monetize its users in the quarter. Average Revenue Per User remained stuck at $3.20 – down from $4.06 in 4Q21 – resulting in revenue growth slowing to only 13% versus guidance of 20%-25%. Adjusted EBITDA came in at $7 million – versus guidance of $0-$50 million. I still like SNAP long term as DAUs continue to grow nicely and it seems to be the social media app of choice among young people but clearly they are struggling with monetization – and the macro environment isn’t helping.