Core Viewpoint - Snap's valuation decreased by 12% despite reporting better-than-expected results for its first fiscal quarter, primarily due to the company's decision not to provide guidance for Q2'25, citing macroeconomic uncertainty [1]. Financial Performance - Snap reported results that exceeded analysts' expectations for the first fiscal quarter [1]. Market Reaction - The stock price dropped significantly by 12% following the earnings report, indicating investor concerns over future guidance and macroeconomic conditions [1].