Snap Shares Plunge On Weak Results

(RTTNews) - Snap Inc.'s (SNAP) shares plunged 15 percent in after-hours trade after the company's revenues were below Wall Street's estimates.

California-base Snap's net loss narrowed to $385.8 million or $0.30 per share, from $2.21 billion or $2.31 per share last year.

Revenue for the quarter rose to $230.7 million from $149.6 million in the prior year. Revenue growth of 54% year-over-year were driven by growth in Snap Ads.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share and revenues of $243.55 million for the first-quarter. Analysts' estimates typically exclude special items.

Snap's daily active users grew to 191 million from 166 million last year, an increase of 15 percent year-over-year. Users increased 2% quarter-over-quarter, from 187 million in the fourth quarter.

Average revenue per user was $1.21 in the first-quarter, an increase of 34% year over year and down 21% sequentially.