The number of people using Snapchat daily grew 18 percent to 347 million from the same quarter a year ago, Snap reported. Credit: Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images
Shares of Snapchat-parent Snap lost a quarter of their value in after-hours trades on Thursday following release of dismal quarterly earnings figures.
Snap reported that its loss in the recently ended quarter nearly tripled to $422 million despite revenue increasing 13 percent under conditions "more challenging" than expected.
"We are not satisfied with the results we are delivering, regardless of the current headwinds," California-based Snap said in a letter to investors.
Snap share price was slightly above $12 in the wake of the earnings report.
Snap told investors that policy changes have "upended" advertising industry standards while macroeconomic woes have disrupted industries that buy Snapchat advertising.
"We are also seeing increasing competition for advertising dollars that are now growing more slowly," Snap said.