Snap Inc. (NYSE: SNAP) reported first-quarter financial results after markets closed Wednesday. The company said that it had a net loss of $2.31 per share and $149.6 million in revenue versus consensus estimates from Thomson Reuters that called for a net loss of $0.19 per share and $157.98 million in revenue. The same period from last year had a net loss of $0.14 per share and $38.80 million in revenue in revenue.
During this quarter, daily active users (DAU) grew to 166 million from 122 million in the first quarter of last year, an increase of 36%. DAUs increased 5% quarter-over-quarter, from 158 million in Q4 2016.
Average revenue per user (ARPU) totaled $0.90 in this quarter, an increase of 181% year over year, while ARPU decreased 14% quarter-over-quarter.
At the same time, hosting costs per DAU were $0.60, compared with $0.52 in the first quarter of 2016 and $0.72 in the fourth quarter of 2016.
On the books, cash, cash equivalents, and marketable securities totaled $3.24 billion at the end of the quarter, versus $987.4 million at the end of December 2016.
Shares of Snap closed Wednesday down 1.5% at $22.96, with a consensus analyst price target of $23.43 and a 52-week trading range of $18.90 to $29.44. Following the release of the earnings report, the stock was initially down 18% at $18.80 in the after-hours trading session.