Snap's revenue from Spectacles and other categories almost doubled in a quarter

The company reported a $US2.2 billion loss (compared to its loss of "only" $US515 million for the whole of last year) on revenue of $US149 million.

Snap's executives did share some positive metrics during the company's first-ever earnings call: Snapchat's users spent over 30 minutes per day in the app, according to Snap CEO Evan Spiegel. The company, founded in 2011, lost more than $500 million past year on revenue of about $400 million, it disclosed in regulatory filings.

In North America, Snap said it added 3 million daily users in Q1, reaching 71 million DAUs.

"If you want to be a creative company, you have to be comfortable with and enjoy the fact that people copy your products when you create great stuff", he said.

The lackluster performance, which did not meet Wall Street's expectations, comes as Snap tries to fend off efforts by its larger rival, Facebook, to clone Snapchat's features and steal its user base.

Snap says it added 8 million daily Snapchatters this past quarter - that's good for a 36% year-over-year increase, and it's a higher number than last quarter, but it's down from the 52% increase in DAUs it had this time last year.

Most analysts blame Facebook and the recent launch of Snapchat-like features on Instagram via Instagram Stories and Facebook Messenger.

Читайте также: Macron Wins French Election

Snapchat added just five million daily active users in the final three months of a year ago, down from at least 10 million added in each of the previous four quarters.

Tech gurus asserted that it is due to the slow user growth.

Nomura and Pivotal Research both appear concerned, expecting Snap stock to fall to $14 and $9 per share, respectively.

However, revenue for Facebook during its first quarter following its IPO in 2012 was $1.18 billion.

Snap also split out "other" revenue coming from non-advertising services, which is largely its Spectacles wearable glasses. On its first earnings call, CEO Spiegel focused on highlighting the company's progress in Android development.

“Just because Yahoo has a search box doesnt mean theyre Google, ” he said. The company had aimed to accrue a further two million new users.

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