- Snap reported disappointing earnings for the first-quarter.
- The stock is getting hammered in post-market trading.
- Snap said its drop in revenue is attributable to seasonality and the app redesign.
Snap shares are down more than 16% in post-market trading after a big earnings miss.
Snap reported first-quarter earnings after the closing bell Wednesday, and investors don't like what they've seen.
Snap reported revenue of $230.7 million, missing Wall Street estimates of $244.93 million. Earnings per share came in at $-0.30, in line with what analysts had expected. Snap attributed the decline in revenue to seasonality and the app redesign.
"Revenue was $230.7 million in Q1 2018, up 54% year-over-year driven by growth in Snap Ads, and down 19% sequentially, primarily due to seasonality and our redesign," Snap's earnings release said.
Daily active users grew to 191 million, a 15% year-over-year increase.
Snap shares are now down over 20% on the year.