Snap stocks plummet after releasing first earnings report since IPO

In after-hours trading toward the end of the call, Snap stock fell to $17.46 per share, more than 24 percent from Wednesday's close of $22.98. A new feature called "magic eraser" allows Snapchat users to tap the scissors icon and the stars icon, and remove something unwanted from a photo.

Snapchat has seen increased competition in the past 12 months, with Facebook and Instagram both adding "Stories" - a feature nearly identical to Snapchat's own of the same name. While Snapchat has 166 million daily active users, Instagram Stories has already crossed the 200 million threshold.

Revenues were up almost four-fold compared to the same period past year at $149.6m but lower than the $158m expected on average by analysts. Facebook, for example, has been snapping up features present in Snapchat and incorporating them into its own products. Snap is still accusing more and more revenue - with a 300 percent increase in the a year ago, coming out to $150 million this past quarter - but that's still behind expectations of $158 million. However, revenues were slightly higher than Street expectations at $149.6 million.

Headlining the bad earnings was a $2.2 billion loss, much of it tied to compensation.

Daily active users, a closely watched number in the report, came in at 166 million, which didn't match up with analysts' projected 168 million DAUs. It is also moving towards hosting original programming, showing short clips to users who are moving away from traditional television. The earnings report was announced the day after several new features were added to the Snapchat app.

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Snap is in its early monetization phase, and investors and analysts were expecting a continued growth. CEO of Snap Inc., Evan Spiegel says that till date more than 5 million snaps are created with Snap spectacles.

As popular as Snapchat is with young people, they won't be young forever. On Wednesday, the CEO of Snapchat's parent company finally responded.

"The more that we can remove friction from this creative process, the more that people want to use this service, and that's our strategy", Spiegel said.

Snapchat's growth was also faster than Facebook.