Snap Inc. reported a first quarter loss of $2.21 billion on revenue of $149.64 million. Shares fell to their lowest levels since the company went public in March.
Those numbers fell short of Wall Street’s expectations of a $2 billion loss on $158 million in revenue. Shares plunged by around 25 percent in after-hours trading following the release of the Snapchat parent company’s first post-IPO quarterly report.
Snap’s quarterly revenue figure represents a 286 percent increase from the same period last year but analysts had expected even more growth. Net losses were $105 million in the year-ago period. The loss before interest, taxes, depreciation and amortization grew to $188.2 million, worse than analyst forecasts of $181 billion, in part because of expenses incurred in building a costly new advertising platform.
The quarterly gain in daily active users came in at 5 percent, hitting 166 million. That was also a bit lower than Wall Street had anticipated.