Snap blamed that slowdown on Apple's ( AAPL -1.67%) recent privacy changes on iOS, which allow users to opt out of targeted advertising, and macroeconomic headwinds (such as supply chain and labor challenges) for certain advertisers. teens chose Snapchat as their favorite social media app, compared to 30% for ByteDance's TikTok and just 22% for Facebook's Instagram. Piper Sandler's latest 'Taking Stock With Teens' survey supports that view. Those rising ad prices indicate that advertisers are still flocking to Snapchat to reach younger Gen Z and millennial consumers. Snap's average eCPM (effective cost per thousand impressions, or the average cost of its ads) increased 62% year over year, on top of its 20% growth in the prior-year quarter. Snap expects that growth to continue with 316 million to 318 million DAUs in the fourth quarter, which would equal 19% to 20% growth from the prior-year period. Snap attributed its robust international growth to its increased investments in localized content, marketing partnerships, language support, and creator communities. Its DAUs also increased sequentially across all three regions.

Its DAUs rose 7% year over year to 96 million in North America, 11% to 80 million in Europe, and 49% to 130 million across the rest of the world.

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