Snap Shares Slump After Second-quarter Earnings Miss

Shares of Snap Inc. were falling 4% after hours Thursday after the company missed second-quarter earnings expectations and reported weaker-than-expected user numbers. Snap reported a net loss of $443 million, or a loss of 36 cents per share, wider than a loss of $115.9 million, or a loss of 14 cents per share, in the year-earlier period. The FactSet consensus was for a loss of 30 cents. Revenue was $181.6 million, up from $71.8 million in the year-earlier period, but below the FactSet consensus of $186.2 million. Snap reported 173 million daily active users, a 4% increase from last quarter, and below the FactSet consensus of 175 DAUs. Average revenue per user was $1.05, up 16% from the previous quarter, but also below the FactSet consensus of $1.07. Shares of Snap have fallen 40% in the past three months, while the S&P 500 has gained 1.6%.