The company report a net lost of $2.2 billion for the quarter Snap posted sales of $149.6 million for the March quarter, far below Wall Street estimates. It user numbers also came up as Snapchat had 166 million daily active users in the March quarter, in addition of just 8 million from the previous quarter but it stock fell as much as 25% erasing almost all the gains since it went public at $17 per share.
Snapchat added just 5 million daily active users in the final three months of last year, down from at least ten million added in each of the Four previous quarter.
Snapchat rival, Facebook, had also heated up in the months since Snapchat's IPO.
Facebook has since launched Snapchat-like Camera features in Instagram, Whatsapp, Messenger and its flagship app.