Snap Inc. (SNAP) - Get Report shares tested an all-time low Wednesday after the messaging group posted weaker-than-expected first quarter earnings and said a re-design of its signature Snapchat app would slow ad sale revenues in the months ahead.

Snap posted an adjusted loss of 17 cents a share for the three months ending in March after the close of trading yesterday, largely in-line with analysts estimates. Group sales, however, while up 54% from the same period last year at $230.7 million, missed Street forecasts of $244.5 million as daily active users on its platform rose by a less-than-expected 15% to 191 million.

"Our redesign created some headwinds in our revenue this quarter by disrupting user behavior and creating some apprehension among our advertising partners," said CEO and co-founder Evan Spiegel told investors on a conference late Tuesday. "We believe that our current path forward will address both issues, and that our advertising business has benefitted and will continue to benefit from the tough decisions we make in order to create and maintain a positive and healthy environment for our community over the long term."

That said, CFO Drew Vollero warned that the Venice, California-based company's second quarter growth rate would "decelerate substantially from Q1 levels" and noted that "we are planning for infrastructure costs to increase modestly in the short-term as we continue to test and rollout further changes to the application, partially offset by hosting cost efficiency programs."

Snap shares were marked 18.6% lower in the opening hour of trading in New York and changing hands at $11.50 each, near the lowest since the group's $17 a share March 2017 initial public offering and a move that takes its three-month decline past 45%.

Snap's controversial re-design of its Snapchat app, launched last year in an effort to make it more user-friendly, has so far proved extremely unpopular with many of its most high-profile users, including the half-sister of celebrity Kim Kardashian.

Snap's attempts to transition from an over-reliance on ad sales and its Snapchat app, however, has had little success, although it released a new version of its camera-equipped glasses after the original version failed to meet the company's lofty expectations.

The company said that the new $149 Spectacles have a smaller profile than the originals and are now water-resistant, have improved audio and can transfer HD videos to Snapchat up to four times faster.