Snapchat maker Snap issued its first earnings report as a public company on Wednesday, and, well, it could've gone better.
Evan Spiegel, Snap's secretive 26-year-old CEO, told analysts on a conference call that he thinks about user growth "through the lens of creativity". That came dangerously close to erasing any gains that the company had made since it went public in early March.
The number of users logging into the Snapchat app every day is now 166 million worldwide, a 36 percent increase from the previous quarter. Net loss rose from $104.6 million to $2.2 billion, which is thought to have been because of costs associated with the March IPO.
Snap said revenue jumped almost fourfold to $US149.6 million ($203.5 million), but analysts on average had expected revenue of $US158 million, according to Thomson Reuters I/B/E/S.
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On Facebook, Spiegel said you have to expect people are going to copy you.
Shares in Snap have sunk after its app, Snapchat saw disappointing user growth.
Facebook announced during its most recent earnings call that its messaging app Whatsapp now has 175 million daily active users for its Snapchat Stories-like Status feature.
While Facebook rebounded from its 2012 hit, Snap faces a hurdle that Facebook didn't, an equity strategist tells CNBC: It has Facebook as a competitor.
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But perhaps what's most worrisome is that many analysts are saying this is just the beginning of the Snap selloff.
Snapchat added just five million daily active users in the final three months of past year, down from at least 10 million added in each of the previous four quarters.
Snapchat had eight million new users in the past three months but this was much less than analysts expected.
Investors weren't only dismayed by Snap missing on revenue, but also by much slower-than-expected user growth numbers.
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Shares of the parent company of Snapchat were down on Thursday following the earnings report. The owner of the Snapchat application attracted fewer users than anticipated in the first quarter of this year, a result that drove stocks to plummet more than 20 percent.