PanARMENIAN.Net – Shares in Snapchat’s parent company Snap Inc. have plummeted in value by almost a quarter – to the tune of $6 billion. The drop comes after the first earnings report since the company went public showed a slowdown in user growth and revenue, RT reports.

On Tuesday, May 11, the company posted a $2.2 billion loss in the first quarter, much of which was tied to compensation following the company’s IPO in March. After adjusting for the expected expenses, losses of $188.2 million were reported – greater than analysts anticipated.

The company’s stock dropped 23 percent in after-hours trading following the report, wiping a staggering $6 billion off the company’s value, according to Reuters.

In the first 3 months of 2017, Snapchat’s daily active users increased by only 36.1 percent, continuing a downward spiral evident in the second half of 2016 (62% in Q3, 47% in Q4).

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