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27 May 2017, 01:09 | Archie Newman
Snap chief strategy officer Imran Khan oversees the company's growing
The bad news doesn't end there for the company as it fell short of several other targets. Ross Gerber of Gerber Kawasaki tweeted: "Snapuser growth is nearly zero".
The company said it brought in $149.6 million, a 300 percent increase from past year, but well short of Wall Street's $158 million estimates. This represents a slowdown of 36% compared to the same period a year ago. The $2.2bn first quarter loss included a $750m bonus paid to Evan Spiegel, its 26-year-old founder, for taking Snap public.
Shares of the company plunged more than 20 percent to $18.30 in after-hours trading on Wednesday.
While these numbers may be worrying to investors, it's also worthy to point out that it's still very early for Snap.
It signed up 8m users in the last three months, fewer than analysts had been expecting.
While Snap's stock dropped 23% by the market's open following its first-ever quarterly earnings report, Facebook's stock dropped about 14%.
The most obvious comparison to make is Facebook, which is Snap's biggest rival. As the company missed out on expectations, given increasing competition from copycat messaging apps, investors marked-down 1Q report. For the same quarter a year ago, the company was $104.6 million in the red.
It marks a slowdown from the 47.7 percent rise for the fourth quarter and 62.8 percent jump for the third quarter that the company reported in its IPO filing. The company generated $0.90 with each user in Q1 of 2017. Net losses totaled $2.2 billion.
On average, users are spending 30 minutes and creating 3 billion snaps per day on Snapchat.
Analysts on average were expecting a full-year loss of $2.86 billion going into the report, according to FactSet, though the average estimate for GAAP losses in Wednesday's report was off by almost $200 million. Facebook has also added Geostickers to Instagram, offering location-specific tags in two cities (New York City and Jakarta) that users can paste over images.
LinkedIn consistently had high performing quarters, before it was sold to Microsoft for over $26 billion in 2016.
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