Advertising SpendUnderperformance was a result of a material pullback in TikTok’s U.S. ad spend, declining monthly active users (MAUs), and GuruShots continuing to underperform.
Revenue PerformanceRevenue and adjusted EBITDA missed estimates due to underperformance from GuruShots.
User EngagementThere were 26.1M monthly active users as of July 2024, down 16% year-over-year, with well-developed markets down 19% and emerging markets down 15%.