Snap Q3 2025 - Revenue +10% to $1.507B, DAUs 477M, and a $400M Perplexity AI deal; shares jumped after-hours on stronger direct-response ads and improved cash flow.

Winners

Direct-Response Ad Tech (benefits from Snap’s stronger DR ads like “Pixel Purchase/App Purchase” and improving ROAS signals)

$APP (AppLovin)

$TTD (The Trade Desk)

Reason: Snap’s outperformance was led by direct-response ad demand; read-through to mobile app UA and DSP budgets.

Programmatic Sell-Side & CTV/Mobile Monetization

$MGNI (Magnite)

$PUBM (PubMatic)

Reason: A firmer DR market and better ad performance can lift auction liquidity and take rates across mobile/video exchanges adjacent to Snap’s inventory trends.

AR Creation & Tools Ecosystem

$U (Unity Software)

$AD ...