Snap chief financial officer departing

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Snap shares plummet as revenue, daily active users miss Street view

Snap Inc. shares dropped in the extended session Tuesday after the Snapchat parent and Spectacles maker’s revenue and daily-active-user counts fell short of Wall Street views. Snap shares plunged 17% after hours, following a 1.4% decline to close at $14.13 in the regular session. The company reported a first-quarter loss of $385.8 million, or 30 cents a share, compared with a loss of $2.21 billion, or $2.31 a share, in the year-ago period. The adjusted loss was 17 cents a share. Revenue rose to $230.7 million from $149.6 million in the year-ago period. Analysts surveyed by FactSet had estimated an adjusted loss of 17 cents a share on revenue of $244.3 million. Snap reported daily active users of 191 million in the first quarter and average revenue per user of $1.21, while analysts had forecast 194.2 million users and average revenue per user of $1.27.

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