Snap Shares Sink After Reporting Weaker Than Expected Revenue

Shares of Snap (SNAP) - Get Report , the parent company of Shapchat, sank after releasing its first earnings report since its IPO back in March.

Snap reported a first quarter GAAP loss of $2.31 a share, while analysts were expecting a loss of $!.92 a share. Revenue of $150 million fell short of the $158 million analysts had expected.

Daily active users grew to 166 million during first quarter, missing Wall Street's estimates but a 36% year over year increase.