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Snap CEO Evan Spiegel.
Snap Inc. failed to meet Wall Street's expectations for its second quarter as a public company on Thursday, sending its already-battered stock diving to an all-time low.
The number of daily Snapchat users increased by 7 million from the first quarter, but analysts were expecting that number to go up by 10 million. Snap also fell short of the Street's revenue expectations by reporting $181.7 million with a net loss of $0.16 per share.
Snap stock has fallen off a cliff since its hotly anticipated initial public offering earlier this year. Investors are worried that the young app maker won't be able to grow its ad business in the face of mounting competition from Facebook.
Also weighing on the stock: Employees will also be able to sell their shares on the public market for the first time next week, presenting an ultimate test of confidence in the company.
Here are the key numbers from Snap's Q2 earnings:
- Revenue: $181.7 million vs. $189 million expected.
- Earnings per share (adjusted): Net loss of $0.16 vs. $0.15 expected
- Daily active users: 173 million vs. 175 million expected.
Here's what Wall Street analysts are saying about Snap's disappointing Q2 results:
Get the latest Snap stock price here.