Shares tumbled 23% in after-hours trading to wipe some $6 billion from Snap's market value, a reversal for the company after a red-hot March initial public offering that was the biggest for a USA tech company since Facebook's 2012 debut.
Snapchat's parent company Snap Inc has reported a net loss of more than 2.2 billion dollars (£1.7 billion) in the company's first ever earnings report.
It's not unusual for tech startups to post many years of losses as they build market share and recoup their initial investments.
This sharp decline comes after Snap announced that it added eight million active users daily in the first three months of this year to a total of 166 million - analysts surveyed by Bloomberg predicted an additional 168 million users. Facebook introduced a feature very similar to Snapchat's "Stories" for its main network and the photo-sharing platform Instagram, which analysts anxious would eat away at Snapchat's already slowing growth rate.
He's expected to face questions about how Snapchat can hold onto users as Facebook's family of apps keeps copying its most popular features.
Facebook Inc had also plunged after posting results for the first time in 2012, but has since ensconced itself as a Wall Street darling by transforming the company into an advertising giant. "Just like how Google forced companies to develop their own search strategies, Snapchat is forcing competitors to develop a camera strategy", he added. Also, according to Snap's earning presentation, the company has seen 3 billion plus snaps taken every day during the first quarter (Q1). Its earnings (EBITDA) increased by 102% to US$93 million and average revenue per user rose 181% year on year to 90 cents - down from $1.05 in the previous quarter.
All the Liam Hemsworth References in Miley Cyrus's 'Malibu' Lyrics
The real kicker, though, comes at the end of the clip, when 12-year-old Miley is asked whether she's signed to a music label yet. Cyrus has earned numerous awards and nominations, as Billboard ranked her as the fourth best-selling female artist of 2009.
Alonso gives McLaren until October to shape up
Two-time champion Fernando Alonso said he will be open to offers from rival teams if McLaren continues to struggle next season. I believe that on other weekends we have had trouble-free Fridays and Saturdays only to not finish the race on Sunday.
Maryland approves two offshore wind projects
The Maryland General Assembly approved a regulatory framework for offshore wind in 2013, after repeated efforts by then-Gov. The only other offshore wind project in the country , located off the coast of Rhode Island , has five turbines.
"People are going to copy your product if you build great stuff", Spiegel said.
Facebook's fierce competition with Snapchat has only heated up in the months since Snap's IPO.
He emphasized that users were still highly engaged with Snap.
A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, on January 23, 2017.
Despite a modest rally in Snap shares in recent weeks, short sellers - who aim to make a profit by selling borrowed shares and buying them back at a lower price later - have not let up in placing bearish bets, according to Ihor Dusaniwsky, head of research at financial analytics firm S3 Partners.
Facebook eventually recovered; Twitter is still fighting to refute the Wall Street narrative.