Today’s news from Wall Street — its first-ever earnings report as a publicly traded company — was not great for Snapchat and its fearless leader Evan Spiegel. User growth on the app seems to have slowed markedly: During the first quarter — so, that’s the first three months of 2017 — Snapchat reports 8 million new daily users, making for a 36 percent year-on-year growth compared to Q1 2016. Which is good, sure, but means the company has only picked up 5 million users since going public, an event which, if you’re Evan Spiegel, should have meant a significantly larger bump.
Snap’s revenue also fell short of industry expectations, reporting a Q1 revenue of $149.65 million, nearly $10 million off the expected $157.98 million. As for the company’s stock, which was expected to drop $1.92 per share, shares fell $2.31. The company’s net loss for the quarter came in at $2.2 billion.