San Francisco – Shares of Snapchat parent Snap sank to new lows on Thursday after the company reported a hefty quarterly loss and user growth which missed Wall Street expectations.
Revenue at the California-based company more than doubled to $182 million while its loss soared to $443 million in the quarter that ended June 30, according to an earnings release.
Snap reported a loss of $116 million in the same quarter last year.
Meanwhile, the average number of people using the vanishing message service daily rose 21 percent to 173 million when compared to the same period a year earlier.
Market watchers had expected the ranks of users to grow to 175 million, with Snap missing the mark.